BPM for Loan Origination & Loan Management

Business Problem

Manual and paper-based processes for developing loan documentation and processing requests were cumbersome and inefficient.

Process Players

Loan agents and officers, Senior Management

Process Steps

When a customer applies for a loan, all data collection is now done via the BPM system. The system then automates the creation of the highly-detailed loan application binder that the customer receives. The movement of the application through our approval system is automated, with the BPM system managing the workflow, alerting stakeholders to assigned tasks, and ensuring speedy time-to-decision. Automated and monitored hand-offs between our employees means improved person-to-person processes, and the ability to track loan applications allows for immediate action as required, expediting the loan application process and clearly highlighting deadlines and other requirements for our clients. The system also automatically incorporates information gathered from other IT applications, such as our CRM tools, for case management analysis and to assist in resource assignments for given tasks. This has increased the accuracy of and decreased the time required to create and process each loan application, significantly impacting the efficiency of our business.

Process Benefits

In a short period, our entire loan origination system moved from a paper-based system to a completely automated one. Before, our employees spent time and resources filling out paper-based forms and printing and assembling binders for clients. Now, the forms and processes are now all online. BPM gave us increased efficiency, and the ability to track applications through the entire loan approval system, so we can determine if actions need to be taken and if the loan will be finalized by its deadline. Beyond the effect on our employees, our customers greatly benefit from our BPM solution. As our employees are no longer required to focus on time-intensive and paper-based portfolios and applications, our clients receive additional time and attention from their agents.