Mortgage: On-line loan processing

A Mortgage client interested in developing a bleeding edge application to make their loan pre-approval process easier contracted XL-Lead Consulting to design and develop a public facing loan application portal.

XL-Lead Consultants worked with the client’s loan officers to determine the business rules that needed to be coded into the application portal. Details around business rules for loan applications can be extremely complex. It took XL-Lead Consultants and the client’s loan officers 3 months to document all the business rules.

XL-Lead Consultants then took another 3 months to design, code, test, and implement the new technology. At the outset, potential clients were able to input all the relevant information and receive a preliminary pre-qualification. Loan officers would receive the information and were able to review manually the output from the business rules. This reduced the number of days to provide a pre-qualification from 12 days to 24 hours.

As mortgage rules are constantly evolving, loan officers were also able to update the business rules as they changed in the industry. This allowed for near real-time accurate preliminary pre-qualification for their potential clients.