LoanAccel helps a top lender clear to close loans with 67% increased underwriting efficiency and an average of 1.76 underwriting touches
Sept. 12, 2019 – DALLAS – SLK Global Solutions, a business transformation enterprise offering technology platforms and solutions for the mortgage and financial services industry, has achieved a new benchmark of success with its latest offering, LoanAccel™, an origination support solution that helps underwriters provide conditional approvals within hours.
With an average of just 1.76 touches for a loan application, LoanAccel helped a leading U.S. lender achieve a 16-day clear-to-close average and an overall 67 percent increase in underwriting efficiency, company officials said. LoanAccel also helped the client significantly improve borrower satisfaction levels, boost productivity and reduce costs.
LoanAccel works with the lender’s current loan origination system (LOS). The methodology and automation within LoanAccel reengineers the conventional origination process flow, making it more proactive, predictive and fast. It uses this automation and process excellence to help originators, processors, and underwriters drive greater productivity and efficiency.
One of the biggest advantages of LoanAccel is expediting the underwriter’s conditional approval process by making sure a decision-ready loan file is submitted to underwriting in less than 48 hours. The LoanAccel team supports requirement gathering for the lender and the lender’s automated underwriting system, making sure that a lender’s most critical resource, the underwriter, can approve loans in fewer than two touches on average, regardless of loan application types. In addition, LoanAccel enables loan processors to only work on conditionally approved files, freeing them from many tedious administrative activities and improving the employee experience.
“It’s amazing. We’ve seen 67 percent increase in underwriting efficiency for one of our clients,” said SLK Global Senior Vice President – Mortgage Nate Johnson. “Lenders today face heightened competition fueled by new business models, limited housing inventory, and volatile market conditions. This is compounded by a time-consuming, friction-filled, and an expensive origination process. And let’s not forget rising borrower expectations. LoanAccel strikes the perfect balance between organizational goals and market demands. By adding technology to critical origination processes, LoanAccel increases productivity, cuts cycle time and reduces costs, but without changes to the lender’s LOS technology platform.”
“However, we do understand that technology alone is not the answer to a successful mortgage experience,” Johnson said. “With LoanAccel, several parts of the process are strengthened with real time communication workflows to help loan officers and processors communicate faster with borrowers.”
“LoanAccel acts as a catalyst to a lender’s overall growth,” said SLK Global Solutions America President Alok Datta. “It does much more than just improve operational cycle time. For example, LoanAccel has improved a lender’s pull through to 17.6 percent higher than industry averages and reduced the time to fund substantially.”
“We as an organization are committed towards driving measurable business outcomes to our clients,” Datta added. “LoanAccel has further strengthened our motive. We are extremely happy about LoanAccel’s recent achievement and are confident that this solution will produce the competitive edge that lenders seek today.”
SLK Global will be attending the MBA Annual Convention to showcase LoanAccel to some of their potential customers.
About SLK Global Solutions
Founded in 2001, SLK Global Solutions is a business process transformation enterprise offering technology products and solutions for the banking, mortgage lending and insurance industries. It offers origination and servicing support for residential and commercial mortgage lending through a suite of solutions and contact center services including LoanAccel and Mortgage QC for originations and RETS for tax servicing. Its 100-plus customers include four of the top 25 U.S. banks. Learn more about SLK Global Solutions at https://www.slkgroup.com/global/.