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BANKING

Starting a Mortgage Online Takes the Headache Out of Homebuying

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 giant 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 Cognizant for help in this ambitious endeavor.

Our Approach

Cognizant 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. Cognizant 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.

Digital Mortgage Origination Streamlines the Process for Consumers and the Bank

Mortgage loans with the bank can now be originated either online or in a bank branch in a paperless process that takes 20 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.

20%

increase in overall loan origination

80%

reduction in paper costs

20%

reduction in mortgage origination time

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