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Mortgage Processing Digitalization
for a leading mortgage lender
Client profile
Client profile
Objective:
The client sought to digitize all their processes and develop a solution that efficiently handles over 10 different loan programs with drastically different processes, ensuring compliance, accuracy, and speed while significantly reducing manual labor and operational costs.
130+
document templates
10+
mortgage products digitized
Challenge
Achieving precision in automating
intricate manual processes
Different pipelines for
different Loan Programs
Expert-level document handling
Engagement
Team Composition
- 6
Backend Developers
- 2
Quality Assurance Specialists
- 3
3 Frontend Developers
- 2
UI / UX Designers
- 2
Project Managers
- 1
Business Analyst
1+
Years of engagement
Business Analysis & Information Gathering
The client set a business objective, and we took the initiative to understand the industry’s intricacies and workflows by collaborating with the client’s CTO and two engineers through regular sprints and strategic planning.
Additionally, we engaged with over five business roles to ensure our solution met industry standards and effectively digitized the client’s processes including heads of Pipeline Management, Underwriting, Brokerage and Legal teams.
Solution
Monosoft developed a custom LMS (Loan Management System) that automates the loan issuance process, integrating dynamic document generation, a custom E-Sign module, and seamless data integrations with credit bureaus and appraisal systems. It includes sophisticated pricing algorithms and an extensive information-gathering module, handling complex workflows for both commercial and residential real estate mortgages.
Tech Stack and Architecture
Engagement Timeline
Customizable pipeline & workflow steps
Create workflows for each loan stage, such as application, processing, underwriting, closing, and post-closing. Workflows can be conditional on the loan program, property type, and many other parameters. Dummy proof of your loan processing and underwriting.
Pricing Engine
The Pricing Engine module features a complex algorithm to calculate the broker’s commission and summary fees for each loan, factoring in loan type, amount, interest rates, borrower’s credit score, and market conditions. It integrates real-time data for accurate and consistent pricing, with customizable rules to accommodate different broker agreements and market fluctuations.
Document Generation Engine
A dynamic document generation system that automatically generates loan documents with all necessary signatories.
These documents must adapt to various state laws, loan conditions, property details, and numerous other factors impacting the final set of documents and their content. The system ensures compliance and accuracy by tailoring each document to reflect specific legal requirements and unique circumstances of each loan.
Integration with Credit Bureaus and Appraisal Management Systems
The solution includes integrating credit bureaus to retrieve accurate credit reports and appraisal management systems to manage property valuations. These integrations streamline the flow of information, reduce manual data entry, and ensure that all necessary data is readily available for underwriting and loan approval processes.
Custom E-Sign Module
A custom electronic signature system was developed to facilitate secure and efficient document signing. This system ensures the integrity and authenticity of signed documents, compliance with legal standards, and a seamless signing experience for all parties involved in the loan process.
Key Features
Create workflows for each loan stage, such as application, processing, underwriting, closing, and post-closing. Workflows can be conditional on the loan program, property type, and many other parameters. Dummy proof of your loan processing and underwriting.
The Pricing Engine module features a complex algorithm to calculate the broker’s commission and summary fees for each loan, factoring in loan type, amount, interest rates, borrower’s credit score, and market conditions. It integrates real-time data for accurate and consistent pricing, with customizable rules to accommodate different broker agreements and market fluctuations.
A dynamic document generation system that automatically generates loan documents with all necessary signatories.
These documents must adapt to various state laws, loan conditions, property details, and numerous other factors impacting the final set of documents and their content. The system ensures compliance and accuracy by tailoring each document to reflect specific legal requirements and unique circumstances of each loan.
The solution includes integrating credit bureaus to retrieve accurate credit reports and appraisal management systems to manage property valuations. These integrations streamline the flow of information, reduce manual data entry, and ensure that all necessary data is readily available for underwriting and loan approval processes.
A custom electronic signature system was developed to facilitate secure and efficient document signing. This system ensures the integrity and authenticity of signed documents, compliance with legal standards, and a seamless signing experience for all parties involved in the loan process.
Results and Impact
by 30%
Cut average closing time
The document generation engine has streamlined processes, reducing the need for 10 manual labor positions.
The transparent loan status tracking system streamlined operations and increased number of loans processed daily.
Brokers experienced a more streamlined and manageable workload, improving overall satisfaction from working with NextRes.
Faster loan processing times and more reliable service resulted in customer loyalty and positive word-of-mouth referrals.
Success stories of our clients
The authorized provider of Samsung electronic products in Ukraine needed help with their e-commerce website in order to streamline their processes.Show case study
Grammarly set a goal of developing Android Keyboard with remarkable user experience and create testing infrastructure for test coverage of their MacOS / iOS solutions.Show case study
Monosoft collaborated with A2B Direct to evolve their solution from an MVP to a robust logistics marketplace, processing over 5,000 shipments per month.Show case study
