A lender achieved 99% accuracy, faster turn-around times and greater broker satisfaction with our Mortgage Lock Confirmation solution
The ability to rapidly lock (and re-lock) an interest rate on a loan is a critical step for any Mortgage Lender. A broker will find an alternate lender if the rate isn’t locked in a timely manner. As loan volumes increase, manual processes fail to keep up with the demand, increasing turn-around times and creating a backlog of loans without locked rates (or re-locks) thus delaying the lock confirmation process, impacting the lender’s ability to process the loans, resulting in revenue losses. Furthermore, the manual processes lead to a high error rate, negatively impacting the quality of the service, the broker relationship and the lender’s bottom line
The Solution
The MOZAIQ automation platform delivers native API integration and pre-defined digital workers, or Robotic Process Automation BOTS, that run 24×7 and deliver a rate lock in less than 30 minutes from submission of the lock request. The digital workers eliminate the rate lock errors and alleviate the strain caused by sudden spikes in loan volume, helping to clear the backlogs and decrease turn-around times.
The MOZAIQ platform is priced on a per-loan basis, so the Lender can keep their loan origination costs in check without incurring incremental resource costs as volumes increase.
The Benefits
The lender achieved over 100% straight through processing (STP) of the lock confirmations, with an increase in quality of over 99%, thus reducing manual errors and enabling faster turnaround times, preventing lost business to other lenders. The lender can handle up to 60% higher volumes by leveraging automation, and the higher skilled workers can be deployed in value-added services including strengthening the broker relationship. Furthermore, the digital workers (BOTS) enable an accordion workforce, automatically scaling with loan volumes, up or down.
Not only have we significantly decreased rate lock turnaround times, but we are positioned to scale very fast as soon as the tide in this market turns.
