Situation

For one Regional Bank, working with third party originators was complicated and cumbersome because the annual approval and re-certification process was outdated and stale. As the bank grew, they knew they needed to improve efficiency in this process while maintaining regulatory compliance.

Team Engagement Strategy

A group of frontline employees, including mortgage officers and bankers, was assembled and put to work using Rapid Action, a toolkit designed to help teams solve problems, to improve the process from start to finish.

Rapid Action Project Charter

How can we optimize and streamline the reporting, feedback and performance for third party originators in order to ensure the current top loan performance metrics are accurately reflected in the scorecard and performance rewards are more accurate?

Sample Solutions Implemented

1. Identified all data used for existing scorecards to benchmark current state.
2. Produced a gap analysis of other investor scorecards to standardize.
3. Identified all data required for new scorecards.
4. Created a process to monitor and remediate under-performing TPOs.
5. Created interim solutions to verify for a future full-system rollout.