Customer Analytics

IBM’s New Digital Loan Processing (DLP) Solution Creates A Transformative Application And Processing Experience

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IBM’s new Digital Loan Processing (DLP) provides the capability for mortgage lenders to transform their customer experience. Mortgage lenders can now quickly leverage DLP to provide a rich digital experience for borrowers by including mobile engagement and analytics. Based on IBM’s Smarter Commerce initiative, DLP allows both lenders and borrows to benefit from reduced cycle times.  Consider the borrower / lender interaction in today’s era.

For many prospective borrowers in these credit-crunched times, applying for a mortgage or other loan can be challenging. Add in archaic processes and the experience becomes a true exercise in frustration. In most business processes, hard-copy documents, telephone-only customer contact, error-prone manual data entry and inefficient document reviews have perished along with answering machines and white-out ink. But these practices persist today in the mortgage fulfillment supply chain of many lenders.

In an age when customers are used to up-to-the-second updates on every dimension of their lives, they often are frustrated and confused by the status – or lack thereof – of their loan applications. For lenders, outmoded processes mean higher loan processing costs, more incoming calls from dissatisfied customers, incomplete loan packages, and an overall abundance of time-consuming churn. Conversely, given the availability of tools today, can we not imagine an environment where lenders and borrowers have the ability to seamlessly connect throughout this process — enabling borrower self service, real-time processing and overall transaction transparency?

Fortunately, there’s now a packaged solution that benefits both lenders and borrowers: IBM’s Digital Loan Processing (DLP). This managed service is a fully outsourced solution for mortgage loan document processing based on an IBM proprietary solution encompassing software assets, mobile technology and analytics. Well-trained IBM associates leverage the DLP platform to coordinate the proactive collection and processing of borrower and third-party origination documents. Our associates provide real-time communication of status with borrowers throughout the process. This transformative solution includes the following benefits.

  • Can be implemented end to end in the origination and servicing of borrowers and associated loan documents
  • Captures, indexes and reviews all documentation, extracting key data for real-time workflow and compliance
  • Proactive real-time borrower contact to assure expedient collection of required documents within predefined timeframes
  • Borrower notification and status via multiple channels (web, mobile, email, SMS etc) at specified milestones to assure timely, complete loan package delivery
  • Prepares decision-ready loan files to maximize underwriter productivity

Customers can now gain real time insights during every phase of their loan application process. Just as they manage other aspects of their financial and personal lives, they can use their smartphone or tablet to proactively engage in their personal mortgage process: applying online, uploading documents, acting on inquiries and monitoring loan approval status. Delivering this rich digital experience is critical for lenders seeking to gain greater share of market in an environment with rising interest rates. Further, as a new generation of younger borrowers emerges to purchase their first new home, they will expect Digital Loan Processing as a prerequisite to doing business. It just so happens that delivering this service also results in compressed cycle times, lower origination costs, reduction in errors and compliance enforcement. It’s a win/win/win for borrowers, lenders and the industry.

For more information on IBM’s Digital Loan Processing (DLP) solution, please contact Rob Strickland, Client Solutions Executive; IBM Lender Services (rstrickl@us.ibm.com, phone: 201-280-0229) and visit http://ibm.co/1aq6LhO 

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