Case Study
Mortgage originator delivers loan e-disclosures 75% faster
Results
75%
75% faster processing of disclosures
Better
Improved loan application data quality
CX
Increased customer satisfaction
Company Profile
Leading independent US residential mortgage originator and direct lender (NYSE-listed), has operated for decades across all economic cycles, services the majority of loans it closes, and offers a wide array of specialized products and programs spanning every type of homebuyer, with an uncompromising customer-service positioning differentiating it from large national bank mortgage lenders.
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.
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