The lender is able to complete the loan setup process in 75% less time and process 3x the number of loans
In today’s mortgage economy and its heightened competitive environment, it is important for lenders to maximize efficiencies, lower costs and maintain the highest standards of loan quality. And, it’s important that they effectively deploy and utilize their underwriters.
Why? Because underwriters are valuable resources, and the underwriting function one of the most expensive functions in the loan fulfillment lifecycle. Not to mention that long underwriting turn times have a negative impact on both the cost of originating a loan and customer service.
And, mistakes during the underwriting process directly impact loan quality, which in turn impacts the bottom line and reputation of the lender if too many low quality loans are transferred to GSEs, like Fannie and Freddie, and rejected.
The Solution
The MOZAIQ Loan Setup Automation solution creates efficiencies from the minute the loan enters the fulfillment pipeline by ensuring that:
- The loan file is categorized properly (indexed), and individual mortgage documents are uploaded into the client specific folders
- All the necessary disclosures are retrieved, Intent to Proceed is updated and pre-underwriting conditions are cleared
- Third party service orders (e.g., Flood certificate, Fraud Report) are collected for the file before pushing the loan to the underwriter for review
- The lock confirmation form is sent to the appropriate parties
Underwriters receive the loan package in a state that is highly accurate and complete, allowing them to do what they do best: make credit decisions as efficiently as possible, so they don’t spend time manually categorizing loan documents, retrieving disclosures, and clearing pre-underwriting conditions. It’s all done for them, with intelligent automation.
And, MOZAIQ’s Loan Setup automation solution was deployed in less than four weeks, allowing the lender to achieve rapid ROI.
The Benefits
The loan setup automation solution enables the client to achieve 100% straight through processing, while reducing the time it takes to setup a loan (index, retrieve disclosures, order certs & lock confirmation) by 75%.
This enables the lender to process 3x the number of loans during the same time period and with the same number of resources.
And, automated indexing enables the solution to index the loans on a 24×7 basis, without operator intervention.
Finally, the faster loan turn-around time strengthens the customer and broker relationships and increases competitive advantage for the lender.
