Digital Mortgage Origination

How Digital Mortgage Origination Creates a Win-Win Situation For Everyone Involved

Finance

THE CHALLENGE.

Because Who Said Buying a House Needed to Be Stressful?

Recently, a major home mortgage lender came to Pegasus One with something of a unique proposition. For decades, the process of buying a home has always been equal parts time consuming and stressful due to the sheer volume of paperwork and other data that underwriters require. In an effort to not only slash costs but improve the quality of the customer experience they could offer, the client wanted to automate their mortgage lending process as much as possible. The only thing was they didn’t exactly know where to begin.

Luckily, we did.

How Digital Mortgage Origination Creates a Win-Win Situation For Everyone Involved

Finance

THE CHALLENGE.

Because Who Said Buying a House Needed to Be Stressful?

Recently, a major home mortgage lender came to Pegasus One with something of a unique proposition. For decades, the process of buying a home has always been equal parts time consuming and stressful due to the sheer volume of paperwork and other data that underwriters require. In an effort to not only slash costs but improve the quality of the customer experience they could offer, the client wanted to automate their mortgage lending process as much as possible. The only thing was they didn’t exactly know where to begin.

Luckily, we did.

APPROACH.

The team at Pegasus One took a leadership approach to this initiative, playing a hand in not only technology design but development as well. Our primary focus was on automating the many manual steps in the mortgage origination. During our initial research, we uncovered a number of cost-saving process improvements that we couldn’t wait to take advantage of. We also implemented a new underwriting system which was adaptive to changing marketing needs and allowed underwriters to manage rules using a WYSIWIG based tool.

So significant were these improvements that the client was not only able to streamline costs – they were able to streamline their entire operation as well. We also integrated activities that take place in the branch with the client’s online channel, thus guaranteeing the most seamless and consistent experience possible for customers everywhere.

RESULTS.

INCREASED ORIGINATION

40% reduction in time to underwrite

PAPERLESS

70% reduction in paper costs

TIME SAVED

50% reduction in mortgage origination time

VALUE.

Not only did the client enjoy a significant increase in overall loan origination after our solution went live, but they also saw an 70% reduction in paper-related costs as well, 40% reduction in time to underwrite an application. All told, the client also reduced their mortgage origination time by over 50% as well. Thanks to the newly enabled online solution, customers now have even more choices when it comes to the loan origination process – all while allowing the client to guarantee that it meets regulatory requirements, too.