Challenge
A top Canadian mortgage company needed a partner to help digitally transform their mortgage process. Various compliance rules, financial regulations, product catalogue, brand and lender rules, and the manual third-party verification process had given the client a complex underwriting process. Their current system was not accurately factoring adjudication rules, requiring underwriters to manually assign products, investors, and applicable rates, adding significant time to their work. Looking to automate, the client wanted to improve the underwriting and decisioning process while improving CX and market standing.
Solution
In close collaboration with the client and their teams, we kept process automation, data management, and improving the user experience as the North Star of our solution. Auto-decisioning provided faster and more accurate mortgage decisions, while the adjudication engine improved the decision by implementing changing policies as business roles, optimizing the decision flow. Lastly, we designed an accessible and easy-to-use interface to manage business data internally, removing dependency on IT teams.
Success
- 70% faster & more accurate decisions
- 87% reduction in Underwriter effort
- 60% reduction in onboarding new investors
- 50% increase in meeting SLA
- Removed IT team dependencies
Once we replaced the legacy processing system with an intelligent decisioning system, the client could determine and assign the best mortgage loan based on borrower information, lender policies, business rules, rates, discounts, and premiums. We also enabled the business and product teams to facilitate investor management, rate, product and policy management with minimal outside dependency.
