The client is a leading American mortgage servicer. Manual loan acquisition processes meant significant effort was being expended on scrubbing data, ensuring accuracy, and maintaining documents. Infosys leveraged a combination of next-gen technologies to optimize the loan boarding process and upgrade documentation, resulting in higher efficiency gains for the client.
Key Challenges
- Complex and lengthy loan acquisition cycle due to voluminous documentation and data
- Acquisition audits involved 150 – 250 fields in servicing and up to 450 fields for loans acquired from correspondent channels
- Manual and cumbersome auditing processes to ensure that the system data matches the data on the document that was agreed to by the borrower
- High cost and effort involved in validating 'source of truth' repeatedly throughout the mortgage lifecycle
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The Solution
Automation for speed
- Infosys digitalized the loan boarding process using our off-the-shelf solution
- We leveraged document-centric business process automation, data analytics, computer vision, machine learning, natural language processing, and predictive and correlation analysis
Robust documentation solution
Conducted document classification, data extraction, validation, and analysis on over nine types of documents along with multiple audits, document formats, and complex data extraction
Benefits
Slashed the audit time of loans from 58 minutes to 18 minutes
Amplified capacity by 2 – 3 times within 18 months
Reduced operating cost by US$1.5 million
Improved compliance with regulatory norms
