The client is a US-based mortgage servicer. Faced with strict compliance requirements, they sought to reduce customer onboarding time and average handling time, while ensuring accurate data capture across servicing systems. Infosys NIA was used to automate key processes, enabling greater efficiencies across operations as well as auditing.
Key Challenges
- Needed to meet onboarding timelines (45 days) and data accuracy requirements as stipulated by the compliance and audit teams
- Data for onboarded customers had to be 100% accurate to ensure seamless mortgage servicing
- Wanted to explore opportunities to reduce the existing average handling time (AHT) during application processing
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The Solution
Automation for operational efficiency
- Leveraged Infosys NIA for the bank’s automation journey with manual review being used only in the case of exceptions
- Automated the download of collateral documents by searching through imaging system and filler servers
Automation for auditing and compliance
- Automated audits to ensure accuracy of the data updated on the servicing system
- Simplified auditing by enabling critical information like rate of interest to be extracted from loan notes and verified with data on the source system, and recording all changes on the source system
- Expanded the scope of audits defined and covered 178 critical datasets across payments, fees, and adjustable-rate mortgage characteristics
Benefits
Realized savings of US$450,000 within a single quarter
Reduced customer onboarding effort by 50%
Met the 45-day compliance timeline when onboarding customers
Enabled accurate data capture
Boosted capacity creation through better scalability and reduced AHT of the application
