Streamlined Mortgage Processing: 25% Faster Clear-to-Close Time.

Challenges.

The client faced the following challenges in document collection

· Lengthy application processing times

· Delays due to missing documents

· Lack of real-time status updates to Loan Officers/Agents

Solution.

Coforge implemented tailored solution to address the challenges, including:

· Fast Track checklist for files submitted to UW - verify 1003 & LOS data

· Removal of hard stops and conditional approval delays due to missing documents

· 3-tiered app processing to address missing information

· Preparation of 4506T form & ordering VOE and Tax Transcripts by specialists

The Impact.

The impact of the solution is summarized as follows:

· Fast Track checklist for files submitted to UW - verify 1003 & LOS data

· Removal of hard stops and conditional approval delays due to missing documents

· 3-tiered app processing to address missing information

· Preparation of 4506T form & ordering VOE and Tax Transcripts by specialists