Customer Satisfaction Drives Market Share for Mortgage Lenders
- By 2025, banks could lose 20% of their mortgage profits according to "The Fight for the Customer: McKinsey Global Banking Annual Review 2015"
- 70% of all customer transactions will occur outside of the branch in the upcoming years. Lenders need a granular understanding of the end-to-end process, including people, process, and technology, to address operational, and technology gaps.
- Process standardization can reduce operating costs by up to 30% for mortgage lenders, allowing them to price more competitively and expand market share.
Process Improvement for Mortgage Lenders
Eliminate risks and challenges in your back-office processes. Transform your operations to become more nimble, efficient, and more competitive, by improving the process.
Establish Effective Process Controls
Standardize practices, maximize teamwork, and minimize errors, establish solid governance procedures, management, and operational controls.
Increase Customer Satisfaction
Meet all customer requirements, ensure the fastest possible booking of loans, best pricing, accurate documentation, and a timely closing.
Improve Efficiency of Operations
Reduce operational expenditures, improve the allocation of resources, measure process performance and create a framework for continual improvement.
Eliminate Risks and Compliance Errors
Gain end-to-end transparency into process spanning multiple systems and departments, from branches to HQ. Minimize chances of compliance errors and risk.
The Process Mining Approach
Process owners are faced with dual demands of meeting customer requirements and the necessity of achieving internal operating objectives.
- But if a process is defective, only process change can address the issues that cause the organization to fall short both with customers and with the internal requirements.
- Instead of investing in a time-consuming and costly implementation of some new customized solution, benefit from the data-based insights provided by a proven process mining software.
- Process Mining software harnesses process improvement and problem-solving to satisfy the customer while simultaneously strengthening the bottom line.
Creating a Better Mortgage Process
Improve the turnaround time in your Mortage Loan Process to generate extra revenue. We work with lenders to maximize the return on their existing technology investment, while rapidly adding incremental value.
Uncover the Reality of Your Processes
Minit begins by mapping the process – not as you wish it to be, but as it actually is. It provides a complete map of the flow of the process and helps you drill deeper to get at the root causes of the gaps in performance. By identifying and correcting those root causes, you solve the problem once and for all instead of having the defects quietly passed on to the next steps in the process.
Identify Causes for Poor Quality
Measure the effectiveness and efficiency of your processes in fulfilling customer requirements. Drill into the interactive process maps to uncover inefficiencies and risks such as a high number of abandoned calls by customers, long delays in producing a quote that causes prospects to drop out, or numerous inaccurate credit reports.
Improve or Redesign the Process
Identify and implement the required changes in the process. For example remove non-value-added activities such as multiple copies, scanning of unused documents, and multiple approvals. These changes might appear minimal, but each will reduce time and expense. Or change the sequence of underwriting, moving it to the beginning of the process, to reduce processing time, and reduce cost-to-process.
Benefits of Process Optimization with Minit Process Mining
- Identification of the causes of accuracy problems at the initiation of the lending process
- Reducing inaccurate documents and elimination of unnecessary rework
- Reducing overall cycle time of the mortgage process
- Decreasing risks by reducing variation in loan processing between different processing groups
- Reductions in the number of touches of the loan, and a boost in customer satisfaction
- Reducing overall cost of the process
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