A Leading Mortgage Services Provider Accelerates Revenue Growth with Unique BPM Program

A Leading Mortgage Services Provider Accelerates Revenue Growth with Unique BPM Program

Overview

A leading US based mortgage company, with over 50+ years of experience in mortgage industry partnered with Nividous to launch and execute an enterprise wide BPM program for managing increased business volumes with ease, increased efficiency and agility.

Challenges

The client used legacy loan origination systems in the year 2013 that served as a backbone for complete business operations as well as for end-users. However, these outdated legacy systems lacked modern agility and were unable to meet several organizational goals and faced several problems, including:

  • Employee on-boarding and productivity measurement
  • Slower transition to new regulatory framework owing to lack of transition support
  • Lack of transparency and difficulty in monitoring processes that resulted in:
    • Minimal exception handling owing to no system for exception management
    • Longer problem resolution timings
  • No mechanism for checking the dynamic human resource demand owing to loan servicing business expansion and fulfilling objective of improving customer experience
  • Lack of a responsive system to cope up with necessary changes
  • Lack of automated processes leading to requirement of specialized resources for decision-making, even in case of rule-based decisions like underwriting loans
  • Escalating costs owing to auditing of manual processes to meet various regulations

Solution

Nividous developed an advanced BPMS platform for automating 40+ manual business processes in the organization. Currently, the updated system takes care of 33 million steps automatically. The easy to use and modern user interface of BPMS platform has brought down the training requirement of outsourcing partners drastically. The other benefits of BPMS platform by Nividous, included:

  • Engaged the client in low-cost offshore outsourcing as well as near-shore outsourcing
  • Rapid updation of various processes that improved visibility, transparency and control of various business channels while ensuring compliance with complex rules
  • Increase efficiency due to intuitive interfaces and automation of business processes
  • Improvement in user-to-loan ratio organically in a non-linear fashion. As an example, Previously, a staff of 46 was able to complete 600 typical type of tasks in a week that improved to 500 tasks in a day with a workforce of 60
  • Enormous cost-savings owing to automation of employee on-boarding process

BPMS program supported by Nividous improved all the three key values of the organization namely, efficiency, visibility and agility. Also, the system benefited the organization in multiple ways by ensuring:

  • Cost Savings
  • Reduction in Processing Time
  • Increase in Revenues
  • Improvement in Quality

The advanced BPM offered many competitive advantages and doubled the client’s business in a time frame of 2 years without doubling the requirement for human resource. By using an advanced BPM, the client became assured about streamlined business processes and focused further on improving customer acquisition rates through tech-based innovations that has resulted in an increase in market share.

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