Mortgage leader transforms loan origination system for multiple products

Data
Data Architecture and Engineering
Data Integration
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Client:
Confidential client
US

The fifth-largest retail mortgage lender in the US, with over US$275 billion in consumer lending

Industries:
Financial Services
Partners:
Salesforce
Services:
Data
Data Architecture and Engineering
Data Integration
Cloud
ERP & CRM
Intelligent Automation (IA)
Digital Infrastructure
Digital Security
Migration & Re-Platforming

Challenge

The client operated in a highly competitive market but lacked a systematic process for loan origination. Its existing systems hampered it from remaining competitive: Processes across products were siloed, paper-based, and used spreadsheets, making transparency and compliance difficult.

The client needed a loan origination solution built on Salesforce™ to improve borrower onboarding for multiple products such as two-wheeler, home, micro-finance, and farm loans. Its disconnected and disjoined business processes also needed to be streamlined to reduce turnaround time from the average of 30 days it took to approve a loan.

In addition to digitizing all its processes end-to-end for faster loan disbursement, the client wanted to integrate third-party systems while meeting business, security, and compliance goals.

Solution

Marlabs specialists, with a deep understanding of the lending space, configured Salesforce Sales Cloud to onboard borrowers and manage one or more loans from origination to collections to pay off. The user-friendly solution is entirely digital, eliminating all paper-based processes, thus making compliance easier. In addition, 12 systems were integrated, enabling transparency and reducing processing friction.

Results

The client now has a distinct advantage over competitors with its modernized loan origination system. Now, its systems can process multiple mortgage products not only faster but also more accurately. This has increase the client's origination rates.

The new system also enables the client to approve a loan in less than 3 minutes—a process which earlier took 30 days.

Because the system is 100% user friendly from origination to pay off, both customers and employees now have a smoother and more reliable experience when navigating the loan approval process.

Impact

  • Improved operational efficiency and reduced processing time by 99.9% for loan approvals
  • 100% digital processes, ensuring compliance
  • More accurate and trustworthy data through integration
  • Enhanced customer experience through streamlined workflows
  • Achieved better system integration and scalability