Digital Mortgage Origination

Digital Mortgage Origination

Finance

THE CHALLENGE.

Buying a home can be one of the most stressful times in a person’s life—not least because of the onerous mortgage process. Rife with paperwork and red tape, the process is complex due to the very complicated and thorough information underwriters require.

A U.S. banking major knew that automating mortgage lending would be difficult, but it saw an opportunity to improve turnaround time and slash costs using automation. The bank also hoped to attract new tech-savvy consumers. It asked Pegasus One for help in this ambitious endeavor.

Digital Mortgage Origination

Finance

THE CHALLENGE.

Buying a home can be one of the most stressful times in a person’s life—not least because of the onerous mortgage process. Rife with paperwork and red tape, the process is complex due to the very complicated and thorough information underwriters require.

A U.S. banking major knew that automating mortgage lending would be difficult, but it saw an opportunity to improve turnaround time and slash costs using automation. The bank also hoped to attract new tech-savvy consumers. It asked Pegasus One for help in this ambitious endeavor.

APPROACH.

Pegasus One led the initiative’s technology design and development, focusing mainly on automating the manual steps in the bank’s mortgage origination process. Our initial evaluation uncovered numerous cost-saving business process improvements.

The process improvements were significant enough that the bank was able to consolidate operations and streamline costs. Pegasus One also integrated activities that take place in the branch with the online channel to ensure a seamless experience for the consumer. We rounded out the engagement with change management and rollout support.

RESULTS.

INCREASED ORIGINATION

20% increase in overall loan origination

PAPERLESS

80% reduction in paper costs

TIME SAVED

20% reduction in mortgage origination time

VALUE.

Mortgage loans with the bank can now be originated either online or in a bank branch in a paperless process that takes 22 percent less time than it did previously. Enabling the online and branch option has increased overall loan originations and ensures the bank always meets regulatory requirements.