Loan Process Automation
How We Reduced Fairway’s Loan Processing Time by 55%
Client Overview
Fairway Independent Mortgage Corporation’s Reverse Division solves the challenges of HECM reverse mortgage processes. Founded in 1996, the organization has grown to employ 5,000 individuals, specializing in a variety of mortgage solutions. Its commitment to efficiency and customer satisfaction continues to drive the need for innovative solutions in a complex finance sector.
Customer service is at the core of Fairway’s philosophy. Its commitment goes beyond finding the best rates, as it also prioritizes fast turnaround times and personalized guidance through the loan process. Its ultimate goal is to exceed customer expectations and build trust and satisfaction
Challenges
- Time-Consuming Data Entry: Loan officers spent much time manually entering data into the five-page PDF document, leading to decreased productivity and potential delays in processing reverse mortgage applications.
- Error-Prone: The manual data entry process increased the likelihood of errors, as information could be incorrectly transcribed or omitted. These errors sometimes have serious consequences like incorrect loan calculations or delays in funding.
- Lack of Integration: The PDF-based process was not integrated with other systems. This made it difficult to track the status of reverse mortgage applications and share information seamlessly across departments.
- Limited Accessibility: The process relied on email for communication and document sharing, which made it challenging for loan officers and other stakeholders to access and collaborate on reverse mortgage applications remotely or outside office hours.
- Data Fragmentation: With data scattered across multiple stages and systems, measuring marketing ROI and maintaining a clean data model was challenging.
Our Approach
To address these inefficiencies and mitigate the associated risks, Fairway recognized the need for a comprehensive solution that would streamline the reverse mortgage process, improve accuracy, and enhance overall operational efficiency.
We embarked on a comprehensive project that involved multiple phases and stakeholders.
Phase 1: Discovery and Planning
1. Stakeholder Workshops
2. Business Requirements Definition
3. Technical Assessment
Phase 2: Design and Development
1. Portal Design
2. Custom Development
3. Quality Assurance and Testing
Phase 3: Deployment and Training
1. Deployment
2. User Training
Phase 4: Continuous Improvement
1. Monitoring and Evaluation
2. Agile Development
Solution Implemented
Our solution involved leveraging HubSpot’s robust CRM platform, developing a custom member portal, and using advanced serverless functions to create a secure, user-friendly “Interview Sheet Portal.”
This innovative portal streamlines the mortgage process for loan officers by allowing them to input necessary data at each step through a secure single sign-on (SSO). All information entered into the portal is seamlessly integrated with Fairway’s Loan Origination System (LOS), ensuring a smooth and efficient workflow.
The Interview Sheet Portal provides a centralized platform for loan officers to manage and track loan applications. It eliminates the need for manual data entry and reduces the risk of errors. It improves overall accuracy and compliance.
The portal also enhances communication between loan officers and the rest of the team, enabling real-time updates and notifications. This transparency and collaboration result in a better customer experience and increased satisfaction.
In addition to streamlining the loan application process, our solution offers several other benefits to Fairway, including:
- Increased efficiency: The portal automates repetitive tasks and frees up loan officers’ time to focus on more complex and value-added activities.
- Improved data security: The portal uses robust security measures to protect sensitive borrower information.
- Scalability: The portal is designed to handle high volumes of loan applications, ensuring that Fairway can continue to grow and scale its business.
Results
Time Efficiency: The new system drastically reduces the hours previously spent on double data entry and manual form processing. The time spent on this process was reduced by 55%, going from 2.25 hours to roughly 1 hour per sheet.
Improved Data Integrity: Eliminating email-based document exchanges has significantly reduced errors and data inconsistencies to a minimum. The error rate has dropped by 10% from what it was previously.
Enhanced ROI Measurement: With clearer data pathways and integration, the Fairway team can now accurately track marketing efforts and their outcomes.
Streamlined Processes: Loan officers and back-office staff benefit from a more coherent and user-friendly system. This allows them to focus more on customer service and less on administrative tasks.
From the Horse’s Mouth
Tom Evans
EVP – Reverse Marketing & Technology at Fairway
Daniel McHarness
Sales Technology Manager
In a Nutshell…
If you’d like to reduce manual entry times, eliminate human errors, and experience the transformative power of automation firsthand in your processes, we’d love to help.
Let’s pave the way for enhanced efficiency, accuracy, and customer satisfaction in your operations.
