BUSINESS VALUE SHOWCASE

The Use of AI to Accelerate Mortgage Loan Processing

Client: Leading National Credit Union

Industry: Financial Services

DIGITAL TRANSFORMATION GOAL

Reduce Expenses and Maximize Operational Efficiency

This leading credit union explored options to streamline their mortgage loan processing and reduce costs.

PROBLEM

Mortgage loan volumes continue to drop, and it will take a long time to return to a normal level. In addition, fixed costs for labor, the tech stack, and vendors contribute to worsening margins. These factors drive the need to either automate or outsource processes like QA/QC. While outsourcing lowers costs, it also increases risk. Most automation solutions promise improved efficiencies but underdeliver.

SOLUTION

ELASTECH helped the executive board understand the benefits of AI in Mortgage Lending. We implemented a Mortgage Intelligence Technology solution that can be used across the entire loan lifecycle, from origination through closing and servicing. The solution assists in income calculations, underwriting, and the pre-funding to post-closing QA/QC processes, delivering clean, validated, structured data to the credit union’s internal system.

Highly-trained AI model with 10,000+ loan documents types that Identifies 2,000 variable data points

Solution with 99.99% audit acceptance

Application uptime of 99.995% through the adoption of Tier 4 data center security standards

TESTIMONIAL

What The client says about Our Work

“With the help of ELASTECH, we were able to gain a critical competitive advantage. Especially now that volumes have decreased with rates rising, we prioritize efficiency. Their solution is a cost-reductive innovation that allows us to underwrite, process, and package/sell home loans much more quickly and with a higher margin per file.”

VP, Mortgage Lending
Leading National Credit Union