Snapshots

Challenge:

Manual loan origination
processes increased redundancies, errors,
and costs; complex, non-intuitive UI;
non-compliance issues

Solutions:

Built an automated, insight-driven decision support system to aid underwriters working for insurers; completed end-to-end UI/UX revamp for seamless user journey; enabled full compliance with standards enforced by regulatory authorities like Fannie Mae and Freddie Mac

Benefits:

Maximized underwriters’ productivity; accelerated time-to-market; seamless cash flow management

Key Challenges

1. Automation offers the promise of data integration, strategic efficiency, and insightful decision-making to the insurers. Our client, however, was struggling to achieve these benefits. Their manual and repetitive loan origination processes consumed excessive time and effort of the workforce. They had a tough time collating data from partners, banks, and government agencies, which made it difficult to identify and monitor assumable loans and added to credit risks.

2. The existing user interface (UI) was neither responsive nor user-friendly. Since underwriters were facing hassles while issuing loans and managing task workflows, the processing timelines became sluggish, resulting in increased time-to-market and poor customer experience.

3. Non-compliance with industry regulations was another point of friction that posed our client to a number of risks, including reputational damage and heavy penalties.

Our client is a leading commercial real estate lending and investment company, headquartered in the US. The company manages real estate land assets worth $8.2 billion on behalf of their partners and sources over $13 billion worth of potential investors per year.

Our Solutions

We developed a turnkey decision support system that automated data capture and analysis in real-time and enabled a 360-degree customer view to help underwriters proactively manage and control the risks of financial loss while ensuring a predictable return on equity. With this greater visibility, the ability to accelerate response times, optimize productivity, and drive digital experiences was also infused. Further, we trained our client’s in-house teams to help professionals adapt to the new technologies of work and contribute effectively to the growth promise of the enterprise.
 

We redefined the complete user interface to simplify the loan origination journey and help underwriters seamlessly lead tasks—from pre-qualification to approval of funding—in minutes. We revamped the existing code, added new functionalities, improved maintainability, and widened the technology integration landscape to help underwriters perform competitively.

We leveraged the APIs of Freddie Mac and Fannie Mae, two pillars of the United States’ housing finance system and the mortgage market, to help our client achieve 100% compliance. As a result, their cost analysis capability scaled considerably to determine a loan assumable amount of over $10 million per month, a tenfold increase over the previously accrued entitlements of $1 million. Moreover, they were able to close loans in as little as 45 days.

Business Benefits

  • Drove a 10x increase in loan analysis lifecycles
  • Automated internal reconciliation disciplines and cash flow management
  • Ensured 100% compliance with regulatory standards
  • Improved interdepartmental communication and collaboration
  • Helped identify and seize new market opportunities

 

Project Outcomes

Project Outcomes
40% Reduction in development costs
4-months’ Time taken for the complete code revamp
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