How Coforge Streamlines Mortgage Loan Production with inflooens

The average cost to originate a mortgage during the past five years has ranged between $9,900 to $13,131, according to the MBA and Stratmor Peer Group Roundtables program. While Loan Officer (LO) compensation remains a significant portion of the overall expense, what if you could chip away at the remaining line items until the savings add up to something significant? Interestingly, Coforge is already at the forefront of this, delivering solutions that streamline your process, save your hard-earned money, and make the revenue generation process seamless.

Coforge, in partnership with inflooens, is working to help its clients streamline operations and eliminate unnecessary costs, all the while not compromising on quality, turn times, and compliance. Coforge has been helping clients manage their full-stack technology needs as well as providing global operations support to US mortgage companies for years. 

inflooens is transforming the mortgage industry with its Loan Production Optimization Platform – a unified platform built on Salesforce that combines the functionality of several point solutions and helps close loans faster through collaboration and innovation.

Let’s break down the opportunities:

1. Technology Expenditure

We have often seen companies cobble together numerous point solutions overlaid on top of their LOS to fill in gaps or augment the capabilities of the LOS. This includes a Customer Relationship Management (CRM) system, borrower portal and/or Point of Sale (POS), marketing automation system, product and pricing engine, regulatory compliance management system, etc. 

This made a lot of sense when business was booming, and the companies could not afford the disruption caused to their business by undergoing large-scale change. However, in the downtime, this results in a lot of unwanted costs. 

Each system typically has a license fee and a usage fee. To make matters worse, there are typically duplicate systems serving the same need. Adoption rates tend to be low and depend on the personal preferences of the LO.

Coforge helps companies consolidate spending on their tech stack. inflooens brings together the functionality of a CRM, Referral Partner Management, Marketing Automation, Lead Management, POS, Loan process automation, and automated underwriting. 

All this happens, behind a ‘single-pane-of-glass’ and is connected to a single database on the back end. This helps reduce tech costs by up to 50% and allows all parts of a successful loan team to operate out of a single system, introducing new levels of productivity (upwards of 40%) and transparency to the process.

2. Operations costs

The mortgage business is cyclical and ebbs and flows with movements in home prices and interest rates. Companies with a large in-house staff find themselves chasing the next cycle. Either business is booming, and they can’t find, train, and retain the staff they need to keep timelines and quality in check, or business is lean, and they find themselves carrying excess staff during the downturn and having to deal with layoffs, etc.

Cost of compliance is a line item that has also been growing steadily over the years. This process tends to be highly manual and labor-intensive. Therefore, companies review a sample of their loans and we have seen an increase in repurchase demands from agencies.

Coforge resources, trained on inflooens, can help plug gaps in your production workflow by taking care of all processing, pre-underwriting, and post-closing tasks. Since inflooens is a task-based workflow, certain task types or levels of complexity can be auto-allocated to a Coforge team member with full transparency into productivity and timelines being retained by the client. 

Clients can expect to save 40% of their staffing costs with Coforge. Through its automated QC platform – Copasys® - Coforge performs quality control through the lifecycle of loan processing to ensure that every loan produced meets the necessary compliance requirements and agency guidelines.

3. Corporate and administrative overheads

Companies may lose focus on overheads when business is booming. In a downturn, back office and administrative costs are the first to be reviewed with a fine-toothed comb.

Partnering with Coforge allows companies to reduce costs from multiple lines that make up this bucket. Most obvious is the reduction in the cost of space, communications, hardware, etc. in proportion to headcount. Some of the less obvious areas include using a partner like Coforge to provide support in the areas of Finance & Accounting, Sourcing & Procurement, etc. Coforge can also monitor and manage telecom spend, software license spending and rationalize infrastructure and cloud spend. Companies can expect to see at least a 10% reduction in software license (e.g. Office 365) and cloud spending (e.g. Azure) while telecom can yield savings in the millions of dollars, depending on company size.

In conclusion, by partnering with Coforge and utilizing the innovative solutions provided by inflooens, companies in the mortgage industry can significantly reduce costs and streamline their operations. Through consolidation of technology expenditures, companies can eliminate duplicate systems and reduce tech costs by up to 50%, while improving productivity and transparency. Coforge's resources, and training on inflooens, can help optimize production workflow and save up to 40% in staffing costs. 

Additionally, Coforge's automated QC platform, Copasys®, ensures compliance requirements and agency guidelines are met throughout the loan processing lifecycle. By leveraging Coforge's expertise, companies can also reduce corporate and administrative overheads, resulting in savings from various cost lines such as space, communications, hardware, software licenses, and telecom spend. 

Overall, Coforge offers a comprehensive solution that enables companies to take out unnecessary costs without compromising on quality, turn times, and compliance in the mortgage industry.

Cost savings today cannot be a standalone objective. It cannot result in poor customer experience or compliance issues. Coforge takes a holistic approach to helping companies shed costs while preparing for the future through a combination of cutting-edge technology and global delivery. As a strategic partner committed to driving better outcomes for its clients, Coforge invests in best-of-breed solutions and manages the execution risk, while providing guaranteed outcomes for its clients.

Explore more about our automated QC platform – Copasys®