Major US Bank slashes costs by 20% with Same-Day Loan Servicing Transformation

Challenges.

• High volume and variety: The bank processed a large number of loan servicing requests monthly (27,000 for mortgages, 19,000 for consumer loans), requiring efficient handling.
  
• Slow turnaround times: Delays in processing requests (5 days for settlement) hindered customer service.
  
• Cost pressure: Managing a large staff for loan servicing created significant cost burdens.

Solution.

Coforge implemented a comprehensive reengineering of the request fulfillment process, focusing on three key stages: 

Processing Administrative Support: 

• Boarding and indexing 
• Loan registration data keying (correspondent) 
• Review & quality check of initial disclosure and documents 
• Administrative & verification support 
• Third-party document requirement review

Pre-underwriting Support: 

• Data validation and review
• Third party ordering
• Income analysis
• Assets, collateral, credit and disclosure review
• Ratio calculation and AUS
• Risk mitigation report analysis
• Data & Analytics

Closing & Funding: 

• Pre-closing and pre-funding quality checks 
• Closing worksheet preparation 
• Closing disclosure review 

The Impact.

This resulted in : 

• 80% same-day turnaround for loan servicing requests
• 2 Days reduction in transaction settlement time (from 5 to 3 days)
  
• 20%+ consistent cost savings since process inception
  
• Improved overall customer service and satisfaction
  

Ready to revolutionize your loan servicing? Contact Coforge BPS for tailored solutions that deliver results.