From Delays to Decisions: Streamlining Mortgage Approvals
Overview.
nk faced slow mortgage loan approvals due to inefficient processes and lack of real-time visibility. Coforge implemented LoanAccel and process improvements, reducing cycle time by 47% and improving underwriter efficiency.
Challenges.
Slow loan approval process taking 30 days. Lack of robust workflow management tool for tracking loan status. No real-time queue visibility, hindering resource allocation. Incomplete document review causing delays in identifying issues. Ineffective feedback mechanism for upstream processes on deficiencies.
Solution.
Deployed LoanAccel for loan workflow management and automation. Re-engineered processes to optimize cycle time. Implemented conditional approvals for missing documents. Created a fast-track checklist and tiered application processing. Assigned dedicated SMEs to handle complex tasks. Enabled parallel processing of loan applications. Ensured procurement of all Underwriter (UW) required documents. Reviewed documentation based on investor and bank guidelines. Provided real-time feedback on deficiencies by region and loan officer (MLO).
The Impact
Metric Improvement
Total Loan Approval Cycle Time
Reduced by 47% (from 30 to 16 days)
App to Underwriter Time
2.7 days faster
Clearing Conditions Time
6.1 days faster
Final Approval to Funding Time
1.8 days faster
Underwriter Efficiency Doubled
Underwriter Touches per Approval
Reduced to 2
Single-Touch Decisions
Increased by 77%
Accelerate Approvals. Enhance Customer Experience.
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