Mortgage originator delivers loan e-disclosures 75% faster

Industry : Banking & Finance Function : Accounting and Finance

Company Profile

Leading independent US-based home mortgage loan originator and direct lender with uncompromising focus on customer service that offers a wide a wide array of ‭specialized products and programs for every type of homebuyer.

Scope Highlights

  • 30,000 loan applications per year
  • SimpleNexus and Encompass loan origination platforms
  • State and regional compliance: MA, NH, ME, RI, CT
  • Conventional, FHA and USDA loans programs/types
  • MS Outlook and Excel
  • Robotic process automation (RPA)

Challenge

Loan officers must deliver legally-required disclosures to prospective borrowers. They performed multiple steps based on the type of loan and borrower. These disclosures were often accompanied by requests for additional documentation, sometimes directly from the borrower. The process was time-consuming for the loan officer and frustrating for the borrower. Leadership sought a solution to electronically distribute the complete disclosure package and quickly alert its team when required documents were missing.

Solution

The solution uses APIs to retrieve open loan applications from the lending platforms. It prioritizes each application and validates loan package details, including borrower and co-borrower demographics. Based on the loan details, the automation requests additional reports, performs compliance reviews and routes requests for settlement, escrow and other services to external agencies. The solution then generates an e-disclosure envelope with all documents and submits to the borrowers for review and signature.

Results

75% faster processing of disclosures

Improved loan application data quality

Increased customer satisfaction