Situation

Loan officers were not always getting the right documents from prospective customers up front and, instead, submitting incomplete loan applications to underwriting. When discovered, this caused a downstream chain of re-work and delays for the end customer.

Team Engagement Strategy

A team made up of frontline employees and managers, many of whom worked on the underwriting team, was engaged to make the upstream process of loan submission more efficient.

Rapid Action Project Charter

How can we improve loan submission completeness in LoansPQ and obtain initial documentation to move straight through underwriting in order to decrease the transfer cycle time of a file to underwriting, get a complete loan package up front to avoid rework, and improve customer satisfaction?

Sample Solutions Implemented:

1. Created templates for follow up letter and customer handouts to ensure complete collection of supporting documents.
2. Evaluated and changed some LoansPQ mandatory fields for HELOC and HELOAN applications to reduce clutter and redundancy.
3. Evaluated new loan scoring standards and pre-registration to speed up the process.
4. Developed a report on Certified Lenders’ loan application package completeness to score performance and encourage compliance.