In 2019, as our client made the strategic decision to transition from their older legacy system, Mortgage Bot, to the cutting-edge Blue Sage platform, they encountered several challenges. They were on the lookout for a partner who could not only facilitate a smooth transition but also bring valuable institutional knowledge of their operations to the table.

Initially, they relied on an off-the-shelf loan origination system provided by Blue Sage, with a few customizations. However, it quickly became evident that technology alone would not resolve the bottleneck they faced, necessitating the experience of a trusted partner. As the client's mortgage department grew because of the improved technology, there were difficulties scaling up to handle increased transaction volumes, which led to performance issues. They were also unable to focus on the new Line of Services (LOS) due to the pending pipeline in the old LOS.

Driven by an unwavering commitment to elevating their mortgage fulfillment operations, the client joined hands with HCLTech Lending Solutions. Their primary objective was to deliver an unparalleled member experience and ensure swift processing of first mortgages and home equity loans. Our partnership aimed to implement a new loan origination system, execute workflows under stringent service level agreements (SLAs) and ensure scalability without compromising service levels or member satisfaction.

In this case, technology alone couldn't provide the solution. The Blue Sage platform technology required expert implementation and fine-tuning. With the invaluable expertise our team brought to the project, a state-of-the-art loan management system interface was developed to streamline and expedite borrowers' journeys. We worked closely with our client to develop a transition plan specific to their needs. This included closing out the pipeline in the old LOS, allowing them to focus entirely on perfecting the new LOS. Their adaptability, along with HCLTech's knowledge, enabled a seamless transition, even during a period of heightened loan applications and external disruptions, including the pandemic and remote work.

Throughout the partnership, HCLTech Lending Solutions exceeded our client's productivity expectations, with underwriting and closing consistently surpassing key parameters and SLA targets for individual and group productivity. Less than a year after partnering with HCLTech Lending Solutions, our client achieved an exceptional ratio of loans closed versus applications received, setting a new industry benchmark. This achievement was particularly significant due to the increased application volume and the exponential surge in clearance rates, leading to heightened efficiency.

The result was not only in numbers but also in the enhanced engagement of borrowers who benefited from improved agent interactions, including the ability of the agents to acquire necessary documentation more efficiently. Employing a unit price variable model led to increased production and higher pull-through, effectively reducing the cost of production.