Mortgage Lending Bank sought to transform loan origination into

Document Sample
Mortgage Lending Bank sought to transform loan origination into Powered By Docstoc
					                                                                                             Financial Services
                                                                                        Client Success Story >




A Mortgage Lending Bank sought to transform loan origination
into a paperless, seamless, workflow enabled process
R I S E T I M E I M P L E M E N T E D A T H O R O U G H LY I N T E G R AT E D E L E C T R O N I C
WORKFLOW AND DOCUMENT MANAGEMENT SOLUTION




                                                        Challenge >

                                                        Typically, most businesses are thrilled when industry
                                                        demand increases. Unless, of course, they are not
                                                        adequately prepared to accommodate such a surge in
                                                        demand. This was exactly the situation that faced this
PROJECT >
                                                        mortgage lending bank in. With the accelerated activity
                                                        of residential real estate transactions and home loan
To expedite and automate processes associated
                                                        refinancing, they needed to respond appropriately or risk
with the paper-heavy mortgage loan origination
                                                        losing business to their competitors.
process, by implementing an electronic workflow and
document management solution.
                                                        The Mortgage Lending Bank’s goal was to grow their
                                                        origination volume from $1B to $4B in three year’s time
SERVICES >
                                                        while simultaneously improving the profitability realized
                                                        with each loan. This would necessitate a well-planned
  • Enterprise Application Development
                                                        and executed transition of the bank’s manual processes
  • Technical Architecture
                                                        and isolated information systems to a more appropriate
  • Consulting
                                                        integrated and automated business process model.

                                                        Just months away from the critical business juncture that
                                                        would determine their future success, the client turned
                                                        to Risetime for help in meeting this aggressive goal and
                                                        project deadline.




         Business Solution s              IT Services            SharePoint Service s            Contact U s


   547 West Jackson Blvd. 8th Floor Chicago, IL 60661 | P 312.362.9930 | results@risetime.com | www.risetime.com
                                                                                             Financial Services
                                                                                         Client Success Story >




Solution >
                                                              • Work Queues - This component allows users to
By employing a swift, yet thorough, project analysis,           check the status of a loan and view its status in
Risetime quickly identified how to successfully unite           the process, and if the application is awaiting any
the bank’s enterprise-level systems on schedule and             reviews or approvals.
within budget. The new integrated mortgage program
was not only automated, but also capable of tracking          • Business Process Management - This layer was
progress throughout the entire process life cycle.              flexible enough to provide reporting functionality
                                                                on any information collected during loan
Upon the initial project’s successful completion,               origination processing.
Risetime continued to work on a variety of related
projects to further transform the entire loan origination   Value >
process into a paperless, seamless, workflow enabled
process.      Several major new capabilities were           As the result of successful teamwork and
developed including a broker web portal for viewing         implementation, the Mortgage Lending Bank realized
loan information and initiating transactions online, a      many valuable benefits, including:
data validation and automated loan pricing engine, a
flexible workflow based processing system, and critical        • The doubling of loan origination volume to $2B
management reports.                                              within 12 months.

Risetime leveraged its extensive experience in                 • Record Q1 2003 net income accounting for 75%
technology systems integration to develop these                  of the entire year’s target.
enhancements:
                                                               • Up to 90% of new wholesale loan registrations
   • Online Web Portal - The Online Web portal                   initiated via the internet.
     allowed customers to transact online, thereby
     reducing processing time and increasing                Now enabled to withstand the capacity demanded by
     efficiency. Some of the Online transactions            the market, the bank is focusing on future endeavors
     include submitting loan applications, locking in       that will continue to give them a competitive edge.
     loan rates, scheduling closings and viewing loan       They are also able to focus on what they do best,
     status.                                                which is providing exceptional service to their valuable
                                                            customers.
   • Validation and Pricing Engines - The validation
     component drastically reduced the number
     of loans accepted with incomplete or incorrect         To find out how Risetime can bring exceptional
     information and the pricing engine automated           results like these to your business, contact us
     complex loan pricing calculations.                     today.
   • Content Management System - The CMS used
     customizable business rules to automatically
     route electronic loan files along the origination
     process.




       Business Solution s                IT Services             SharePoint Service s              Contact U s


 547 West Jackson Blvd. 8th Floor Chicago, IL 60661 | P 312.362.9930 | results@risetime.com | www.risetime.com

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:4
posted:9/25/2012
language:Latin
pages:2