Case study on Improved Mortage Closing Cyle for USA Based Mortgage Company

About the Customer

Our customer, a budding mortgage lender, approached Outsource2india for help in their mortgage closing cycle. The customer had several mortgage offices across the United States and wished for a quick and efficient closing cycle among their mortgage lenders.

Challenges Faced

Our customer was facing a number of challenges when they first approached us. They wanted to increase their work volume in a couple of months, but were not able to process the loans within the stipulated deadlines within the desired level of quality. Listed below are the four main challenges faced by the customer -

• Difficulties in quickly recruiting, training, and ramping up their operations
• Constant errors which made the loans unsalable to their investors
• Files which moved very slowly through their processing team
• A long closing period, which exceeded their time line target

Solutions Provided

The customer wanted fast services at impeccable quality, which is exactly what team at Outsource2india delivered them. The mortgage team at Outsource2india began the project by conducting a thorough analysis of the customer's processes and systems. This analysis enabled our team to pinpoint bottlenecks in their operations and focus on the areas that required improvement.

The team came up with an efficient resolution that focussed on finding a quick solution to the problems that demanded immediate attention. With our mortgage solution, our customer was able to overcome their operational challenges and move on to become a leading Residential Mortgage Lender in the US.

Here are excerpts from our winning solution -

• We provided the customer with a team of experienced loan processers who quickly cleared backlogs and efficiently handled the increase in volume
• We successfully recruited and trained mortgage resources in 1/3rd of the time that was taken by their in-house mortgage team
• To make sure that problems were identified at the earliest, we added multiple quality check points at various stages of the loan processing process
• Our team made the loan process fast and easy by extracting several parts; like, HOI, Title, Payoff, Appraisal and VVOE (orders, follow-ups and reviews)
• Since our mortgage underwriters underwrote a large volume of titles and appraisals, we were able to minimize the final underwriting time
• We helped client with the fee calculation and prepared files for closing. Our mortgage team was able to successfully close files faster than ever before

Outcome & Benefits Realized

Mortgage team at Outsource2india helped the customer double their volume in less than 12 months. Our mortgage team also reduced the average closing time to being the least in the mortgage industry. Our US based customer achieved the following benefits by partnering with us for mortgage services -

• Minimized operational costs by 40-50%
• Zero customer backlogs within a month's time
• Started accepting new files as soon as they came (as the queue was over)
• Added new resources nearly three times faster than before to their team. This enabled their operational team to effortlessly handle the increase in volume
• Divided the processing task into smaller sections, and were able to successfully move files towards underwriting, within a short time period of 7 to 10 days. This helped our customer in shortening the closing period
• Introduced pre-underwriting and pre-closing. This helped the same numbers of closers and underwriters to handle the increase in volume