The client, a Fortune 500 company, is a leading provider of automation software for the US mortgage industry, providing a highly efficient and cost-effective digital mortgage process to help residential loan providers, title agents, homeowners, and mortgage investors close loans faster and increase profit margins.
The Challenge
To compete in a market where FinTechs offer easy credit and financing options, the client needed to accelerate the mortgage loan processing process by leveraging automation. They wanted to enable real time mortgage data and selfservice analytics for brokers, underwriters, and lenders.
The Solution
Persistent proposed a solution for data stack modernization using AWS and ensured data monetization through the Insights Platform. This enabled the client to aggregate data from all lenders and scrub it for data privacy. This data could then be presented to each client through a series of analytics, benchmarking, and peer insights targeted for final consumption by business leaders.
The Persistent solution also generated pre-built reports to identify sub-prime and near-prime lenders across counties. It enabled lenders to use the client’s solution to compete, innovate and roll out competitive loan products.
As the mortgage industry is highly regulated, regulatory compliance mandates documents to be shared three days in advance. Persistent deployed a document classification solution that allowed the client to automate the whole process of mortgage documentation depending on the criticality and requirements.
The Outcome
By migrating more than 60 GB of data and 60+ servers to the cloud, the client saved $1.2 million and ensured 100% regulatory compliance with zero downtime.
The client transformed its mortgage automation software to accelerate loan processing time by 50% and significantly reduce document signing time from weeks to hours.
