Helped Mortgage Lender Improve Conversions

A fast growing and a prominent mortgage lender observes a 15% increase in his business volume, owing to our fast and cost-effective mortgage underwriting services. Read this mortgage underwriting case study to find out more.

The Customer

A leading mortgage lender, who specialized in retail and wholesale lending, approached Flatworld Solutions for mortgage underwriting services. Our rapidly growing residential mortgage customer was not only a mortgage lender in more than 20 states, but also had a strong presence in the West Coast. Because of the rapidly growing business, the customer's in-house team of mortgage underwriters was not able handle the increase in volume of work.

We, at Flatworld Solutions immediately addressed the customer's needs by providing him with a skilful team of underwriters, which were well versed with our stringent mortgage underwriting process. As a result of our reliable mortgage underwriting services, the customer was able to handle more loan reviews on a daily basis.

The Challenges

Apart from being unable to manage the increase in volume of work with his current team, the customer also faced many other challenges, which included -

A huge backlog of significant loans that required immediate underwriting
A small team of mortgage underwriters who were unable to manage the surge in loan volume
The extra workload was also adversely affecting employee satisfaction and performance, thereby leading to higher attrition rates for the client
Recruiting and training new underwriters for the in-house team was tedious, expensive and time consuming
The customer's brokers were getting frustrated with the delays, and decided to seek help from other mortgage companies

The Solution

The customer had a very complex mortgage underwriting process in place, and was unsure if we could address his requirements. Therefore, he decided to outsource only a part of his mortgage underwriting services to Flatworld Solutions. To address the customer's concerns, we provided him with a dedicated team of skilled underwriters who efficiently managed the increase in loan volume. The customer was completely satisfied with the results, and decided to outsource his entire mortgage underwriting requirements to Flatworld Solutions.

Our solutions included -

By regularly liaising with the client over phone calls and webinar sessions, our team of experienced underwriters was able to quickly master the processes and systems followed by the customer
We used income calculator processes and investor overlays, to develop a process document
With the guidance and assistance of on-site underwriters, our team of underwriters efficiently worked on the first few files
To meet the increase in loan volume, we recruited new underwriters into our team, at a pace that was five times quicker than what the customer was able to achieve on his own
An efficient Quality Assurance team was set up to help our team with data analysis and overall quality improvement
Regular weekly calls were conducted to collect feedback and updates from all our project managers and team members

The Results

Convinced with our ability to expertly handle all his mortgage underwriting services, the customer also outsourced his conventional, as well as Home Affordable Refinance Program loans (HARP) to us. Our team of twenty trained and experienced underwriters completed the pre-underwriting required for FHA and VA loans, while the on-site underwriters managed the final underwriting. The customer is now able to efficiently manage more loans every day, with the increase in underwriting capacity and productivity.

By partnering with Flatworld Solutions, the customer was able to take advantage of the following benefits -

The turnaround time for underwriting was successfully reduced from several weeks to less than 48 hours. Our team was even able to complete several files for underwriting within a short span of 24 hours
The customer was able to eliminate the cost incurred for recruiting and training new underwriters
The customer was able to reduce his operational cost by more than half
With more and more files being efficiently closed, there was a drastic improvement in the underwriting quality
With all received files given immediate attention, there was an improvement in the relationship between the brokers and borrowers
With the upsurge in underwriting capabilities and rise in the number of satisfied clients, our customer was able to experience a significant increase in business volume

Outsource Mortgage Underwriting Services to Flatworld Solutions

Many mortgage lenders, like this client of ours, have reaped significant benefits and operational profits by choosing us as their outsourcing partners. Does your mortgage lending company also wish to outsource your operations to a specialized service provider for fast, reliable and high quality mortgage services?

If yes, do get in touch with us right away and we can assure you of services that will leave you impressed. If need be, we can also provide you with more underwriter case studies.