Case Study: a big-ticket national lender reduces loan closing time by 60% with Flatworld Solutions

a big-ticket national lender reduces closing time by 60% with Flatworld Solutions

The customer, a big-ticket national lender based in South Carolina, faced the challenge of drastically reducing its mortgage closing time from the industry average of 40 days to just 10 days. This rapid growth goal required optimizing costs, improving process efficiencies, and securing a continuous supply of trained manpower, all while lacking proper documentation on task segregation. To address this, the lender partnered with vendor Flatworld Solutions for comprehensive mortgage back-office support.

Flatworld Solutions implemented a complete re-engineering of the client's workflow, deploying a team of mortgage experts to handle disclosures, pre-processing, underwriting, closing, and post-closing support. The solution included technology and automation support, such as building data warehouses and leveraging their M-suite tool for automation. This partnership with Flatworld Solutions resulted in a 60% improvement in closing time, a 40% reduction in operational costs, and enabled the client to grow from $1B to $30B in annual funding, achieving a 10-day closing period for 80% of loans.