The client is a leading American bank with nation-wide mortgage services. The correspondent mortgage lending processes were time-consuming, manual and error-prone, resulting in mounting costs and service delays. Infosys helped the bank use automation and standardization to enable process improvements with a clear roadmap.
Key Challenges
- High cost and lengthy turnaround times to fund a loan from correspondent lenders
- Manual and repetitive review processes for mortgage loans from correspondents caused purchase delays, raising operational cost
- Difficulties finding the right content due to inaccurate indexing and uncategorized documents
- Ineffective lending processes led to low volumes
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The Solution
Process optimization for smooth business
- Infosys conducted detailed process discovery and created a blueprint for current and future state processes
- Identified opportunities for process improvements and automation
- Suggested a process prioritization matrix to derive maximum value
- Accurately captured the business requirements for loan package validation, OCR, data ingestion, and reconciliation processes
Simplified loan tracking
- Integrated checklists into the core system with provisions to manage (add/modify/delete) checklist items through configuration
- Proposed invoking the business rules associated with checklist items on a need basis for various combinations
- Involved stakeholders while designing the workflow
- Standardized business rules and eliminated repetitive execution
Benefits
Accelerated funding time by 30%
50% reduction in operational expenditure
Simplified tracking of loans status
Minimized exception handling
