Our customer specialises in delivering the full range of mortgage processing and administration services via innovative technology solutions. A Fortune 500 company, the organisation is a trusted and experienced mortgage processing company that consistently delivers secure and scalable services.
The Challenge
As part of its mortgage processing service to lenders and mortgage brokers, the company had been manually validating the supporting documents customers supplied as part of their home loan applications. For example, a staff member would physically check the Birth Certificate number provided on the home loan application against the corresponding number on the original certificate to ensure it matched. The challenge was that most home loan applications might include 10+ supporting documents, each with many fields of information, making the validation process tedious and time-consuming. As part of their commitment to offering customer-centric digital services, the company set about finding a better approach.
The Solution
In just 12 weeks, the company partnered with PhoenixDX to deliver a ground-breaking application that automates the validation of supporting home loan documents on behalf of lenders and mortgage brokers. The application sources optical character recognition (OCR) technology, which converts a scanned or photographed original document into an electronic text file. The solution then reads and extracts the information it needs from the converted text, according to customisable rules set by the company in consultation with the lender. The application then cross-checks the information from the application against the information in the original documents to make sure it is valid. This workflow occurs automatically, without any human intervention.
Notably, the business rules can be configured without IT intervention using regex and complex calculations, which reduces the solution’s technical maintenance costs and empowers the front line to easily adapt the rules in response to changing regulatory and compliance needs.
“I commented midway through the project: ‘This is all going too well. We must be missing something?’ But we hadn’t. You were all just doing an amazing job. Thank you PhoenixDX.”
– Tech Lead, Innovation | Mortgage processing and administration company
Results
- Reduces validation time by approximately 60%, now taking only 10 minutes per application. For just one client, our customer will achieve an annual efficiency saving of approximately 460 hours, indicating that savings across their customer base will be substantial.
- Automated process eliminates manual handling errors and minimises labour costs.
- Process automation.
- Workplace innovation.
WHY PHOENIXDX?
“PhoenixDX have far exceeded our expectations on all fronts. They were easy to work with, communicated well, and the end product is exceptional. The fully customisable back office is a masterpiece that allows us to adjust business rules on the fly, and the efficiency gains we’re seeing will likely exceed our initial targets.”
“I’d like to take the opportunity to say a huge thank you to everyone who has been involved with the project. It has been such a pleasure working with PhoenixDX. I’m so appreciative of the hard work and effort everyone has put in to make the application a reality.”
