Situation

Residential mortgages and HELOCs were routinely delayed because of a lack of effective communication between the consumer lending division and their vendor partners. Vendors would not order the right documents at the right time and pull-through was suffering.

Team Engagement Strategy

A team of frontline employees was pulled together from pertinent areas of the bank – mortgage underwriting, vendor management, loan officers, etc. – to solve this problem using Rapid Action, a team-based method for managing fast projects.

Rapid Action Project Charter

How can we optimize vendor order timing on Home Equity applications in order to maximize pull-through efficiency of funded loans and reduce time and expenses on unfunded loans?

Sample Solutions Implemented

1. Implemented a renovation custom question in LoansPQ to eliminate second appraisals and reduce the number of escalations.
2. Created an appraisal ordering job aid for the processing team to improve accuracy and consistency when ordering different appraisal products.
3. Updated the application queue flow to incorporate bifurcated vendor order placement and automated pre-approval of quality applications.