A SLK Global Solutions’ product assisted an unnamed U.S. bank in improving turnaround times for its mortgage originations, the company announced.
LoanAccel, SLK’s pre-underwriting support solution, assisted the bank with is underwriting efficiency, resulting in an average time of 16 days from application to clear-to-close, the company said
According to a release, the bank approached SLK looking for a way to reduce its fulfilment cycle time. Prior to SLK’s involvement, the bank had no real-time status updates for loan officers or real estate agents. SLK’s solution was to develop an automated checklist for files submitted for underwriting that “verified the 1003 application and loan origination system data” and removed hard stops and conditional approval delays due to missing documents. The company also implemented three-tiered application processing to address missing information.
“During this historic origination wave, we see that the biggest bottlenecks for retail lenders are in pre-underwriting and setup,” SLK’s Senior Vice President, Mortgage Business Leader Nate Johnson said in a release. “LoanAccel provides our clients high-touch communications between our SLK loan specialists and everyone involved in the transaction.”
In addition to reducing the bank’s turnaround time by 11 days, the LoanAccel solution enabled the bank to reduce the average amount of underwriting touches to two and achieve a 77 percent increase in one-touch submissions to underwriting.
“We provide our clients with reporting, emails and notifications to ensure the loan officers, processors, underwriters and ultimately the borrowers are aligned with the status of the loan,” Johnson said. “If originators want to reduce cycle times and allow their underwriters to be more efficient, this is how to do it.”