SwifterOps Streamlines Loan Processing for Ensource Financial, Eliminating Errors and Improving Oversight

The Challenge

Buying a home is a crucial moment in people's lives, and working with a mortgage broker is a smart choice to get a loan with the best rates. However, keeping track of intricate loan processes can be a challenge for even the most experienced mortgage brokers. Our client, the Miami-based Ensource Financial, faced a common hurdle: They had difficulty keeping track of all tasks for each of the many loans in the pipeline at any given moment. Their existing system relied on manual task allocation and lacked oversight, leading to:

• Missed Tasks: Crucial steps in the loan application process were occasionally overlooked, causing delays and rework.

• Inconsistent Procedures: Variations in how loan applications were handled resulted in errors and inconsistencies.

• Lack of clarity: There was no place to see all the tasks that had to be completed, so employees didn't always know which tasks to prioritize, and Loan Officers had no way to know who was working on what.

Solution

SwifterOps, an agency specializing in process optimization and automation, implemented a comprehensive solution to streamline the broker's loan processing. Here's how we transformed their workflow:

• Automated Task Management System: We built a customized task management system using Coda, a powerful workflow automation platform. This system seamlessly integrated with the client's existing Loan Origination System (LOS), Arive.

• Real-Time Borrower Data: Whenever a new borrower was added to Arive, or their application progressed to a new stage, the Coda system automatically imported the borrower's data and triggered specific tasks. These tasks were then assigned to the appropriate team member, ensuring nothing slipped through the cracks.

Results

The SwifterOps-designed solution delivered significant improvements for Ensource Financial:

• Time saved: Automating task assignment and document requests allowed Loan Officers to rest easy in the knowledge that the "default" was taken care of, and that they only needed to manually assign tasks when exceptions arose.

• A more consistent workflow: By automating task triggers and document requirements, the system helped employees follow a consistent workflow for each loan application.

• Improved Oversight: Loan Officers can now log into the platform to see the status of each loan, and who is working on what. They can also see if someone has too much work on their plate, and reassign the workload as needed.

• Improved Client Satisfaction: Buying a home is an important moment in anyone's life, and no one wants delays or errors in this process. All the improvements above resulted in a seamless experience for borrowers by helping their broker stay on top of all loan processes.

Analytical dashboard created for Ensource Financial. All data has been anonymized and altered to protect the broker's and borrower's privacy.

• Analytical dashboard: We used the data created and pulled into Coda to provide the broker with real-time analytics on their loan pipeline and task allocation, allowing for financial planning and workload rebalancing.

• Intelligent Document Requests: We integrated secondary tools that further enhanced efficiency. For example, a checklist of required documents automatically populated based on the borrower's income type, eliminating guesswork and ensuring all necessary paperwork was collected from the start.

Loan details, buttons for additional functions and task list for a borrower. All data has been anonymized and altered to protect the broker's and borrower's privacy.

This interface allows the broker's team to generate the list of required documents for each borrower and income type. All data has been anonymized and altered to protect the broker's and borrower's privacy.

The team from SwifterOps was great to work with. They listened to our concerns and inputs, and were super organized getting our project off the ground and finalized.

Mark Cruz, CEO, Ensource Financial

Conclusion

By automating tasks and integrating with existing systems, SwifterOps empowered Ensource Financial to achieve a more efficient and error-free loan processing experience. This case study demonstrates how process automation can enhance productivity, improve compliance, and ultimately lead to higher client satisfaction in the mortgage industry.

Ready to Streamline Your Own Processes?

Automating the mortgage application process is just one of the many projects we have worked on. Check out our case studies for more examples, or contact SwifterOps today and discover how we can help you automate your processes and achieve similar results!