Today’s savvy borrower can effortlessly shop around online for a trustworthy lender that offers fast turnaround times, low fees and great service. One of the largest lenders in the world is determined to stay ahead of the competition with increasingly efficient processes enabled by bleeding-edge technology.
The lender’s mortgage division found that even though only five percent of files require further attention, each of their existing title vendors applies the same cumbersome process to every file. They wanted to only touch loans with exceptions and to get an instant clear-to-close on issue-free properties.
The mortgage division learned about InsureTech company States Title’s unique instant underwriting solution. They were also interested in the title company’s dual approach of optimizing century-plus old processes and using machine intelligence to automate what remains.
In April 2019, the top five national lender started a pilot with States Title in three key states. Nine months later, the lender’s mortgage division analyzed the results, and for loans processed with States Title, they received an instant clear-to-close for 84 percent of transactions. This helped the lender to achieve a 23% (2.8-day) reduction in business days to close, resulting in additional revenue realized per month and a 93% CSAT.