Situation

Incomplete information gathering on initial loan applications and unnecessary steps in the process were causing confusion in scoring as well as delays in transferring complete files to the underwriting team.

Team Engagement Strategy

A team of seven employees across three departments was assembled and equipped with Rapid Action, a toolkit for faster problem solving teams.

Rapid Action Project Charter

How can we improve loan submission completeness to accelerate the transfer to underwriting and improve customer experience?

Sample of Solutions Implemented

1. Created templates to aid collection of supporting documents which clarified the application process for potential borrowers and increased application completion rates.
2. Developed reports on Certifi ed Lenders’ loan application package completeness which allowed for analysis of opportunity areas and better performance evaluation.
3. Optimized current pre-registration and scoring processes which led to a 50% increase in loan processing capacity.