O2I's MSuite Improved Loan Packaging and File Review for a US-based Lender

The Client

We served a client who is a non-bank mortgage lender having over 12 years of industry presence. The client takes pride in serving thousands of clients over the years. Today, they are one of the largest lenders in the US. The client's company is based out of Fort Mill, South California, and owns 515 licensed front offices across 49 states. The client is famous for providing conventional and government-backed loans including the FHA, VA, and USDA types. As part of the client's operation, they frequently outsource loan packages to a third-party investor for loan servicing.

The investor who fields the loan packages dispatched by the client instructed specific ways in which the loan package had to be created. They require packages in a specific way as it helps save time and effort in file reviews. This had the client downloading a variety of documents as a parent package and ensuring the correctness of the order in which the investor had requested. This was a time-intensive process with a risk of error.

Client's Requirement

The client wanted a local and global solution that optimized the workflow and facilitating the whole process consistently and accurately. As the client had a specific situation where the workload fluctuated every two weeks in a month, they stressed having resource independence for better scalability.

Business Challenge

The existing challenge in the client's business was preparing the package for loan dispatch within an hour and doing so without errors. The indexing was done by the client's team without automated tools and this paved way for indexing errors. This had the teams checking the folders in the LOS and picking select documents for bookmarking. The process was cumbersome due to the manual legwork.

Our Solution

MSuite proved to be an umbrella solution for all of the client's challenges. When MSuite was interfaced within the SFTP, it automatically fetched the files for indexing and ran checks for availability of all key documents that the lender had suggested. MSuite developed reports on the key documents that were found missing in the index and ordered submission of missing documents for accelerating the loan processing. This solution also helped sub-servicers as it allowed them to receive a fully indexed loan package that could be efficiently onboarded into the processing engine.

The Result

As the MSuite tool automated indexing and file checks, the client had more bandwidth to sell/onboard loan. It caused a dip in TAT by 20%. In terms of accuracy, the tool improved precision by 99% and also helped save the cost by 45%. To this day, the client continues to benefit from the ability to scale in business ops.

Outsource MSuite Automation Services to Outsource2india

Outsource2india's MSuite mortgage automation tool is a pathbreaking solution that is making new milestones by enhancing efficiency levels in document processing, loan processing, and file submission. It seems to the ultimate automation solution for lenders constrained by time and cash outflow challenges. If you have a small budget set apart for improving the workflow, just like our client in this case study, come to us. We will help you adopt the MSuite in no time to realize the same or more benefits we could offer the last client.

Contact us if your requirement and challenges are similar to the client who adopted our solution and we help you achieve the same or even benefits by bringing fluidity in your mortgage workflows.