FlatworldEdge partnered with a global mortgage company aiming to automate their extensive manual underwriting processes. The company was grappling with lengthy mortgage loan processing times, leading to increased compliance costs and significant delays.

The partnership resulted in the development of an automated system that enabled real-time loan processing. This not only reduced labor costs but also led to a 40% decrease in case rejections. The implementation of this system ultimately resulted in increased productivity and revenue for the mortgage company.

Story of the Customer

The customer, a prominent global mortgage company, was engaged in loan origination and had over $8 billion in loans. They were grappling with issues related to their manually intensive underwriting processes - a problem that led to delays and escalated costs.

In an attempt to address these challenges, the company sought an automated system that could provide real-time loan processing and significantly reduce costs. Their aim was to streamline their operations and improve their efficiency in the competitive mortgage industry.

The Challenge 

  • The significant task was to automate underwriting processes that were manually intensive and difficult to scale.
  • Developing an intelligent underwriting tool capable of interfacing with third-party systems and validating document information was another task.
  • Implementing cognitive automation for real-time loan processing, labor cost reduction, and precise data extraction was a demanding task.

The Solution 

  • An intelligent underwriting tool was developed to automate the pre-approval process and validate loan-specific documentation.
  • Cognitive automation technologies were used to identify discrepancies, reducing manual effort and speeding up the process.
  • The solution led to real-time processing, lower labor costs, and improved data accuracy, reducing case rejections and boosting revenue.

The Result 

  1. The automation solution led to a significant 40% drop in the number of case rejections, improving underwriting efficiency and accuracy.
  2. The total underwriting time was drastically reduced, allowing for real-time loan processing and a reduction in labor costs.
  3. The case acceptance percentage and revenue increased due to the automated system, demonstrating the solution's effectiveness in streamlining the mortgage loan processing.