Jersey uses MLM to manage loan applications and borrower information. That data needs to be packaged and sent to warehouse lenders before loans can be considered.
Because this relied on human intervention at Jersey Mortgage and at the warehouse lenders, each and every loan processed went through 25-30 minutes of downtime being handled, structured and verified. Jersey Mortgage wanted a way to have their office computers package and deliver the data up stream in such a way that the warehouse lending software could instantly receive and verify it.
That warehouse lending software, Street Resource (a standalone system), has its limitations. It cannot communicate directly with MLM over the Internet. So, again, people were wasting time doing manual labor in a process made inefficient by obsolete technology. The obvious solution of another direct data bridge is complicated by Street Resource’s severe limitation, but this complication was overcome through automation. Instead of a data bridge, a data ferry terminal of sorts was built. A tailored API was used to scour MLM for closing application info, after which another API references the warehouse lending software’s requirements and correctly arranges the closing data into an array of comma-separated values that the warehouse network can instantly recognize and understand, like a ferry to take the data across the river of manual labor that people had been swimming across. On top, a clean UI was created that enabled officers instant access to any closing package or document.
The closing department and underwriters at Jersey Mortgage, their lenders, and their borrowers, as well, saved time. The closing department is now spending less time to ship completed closing documents upstream. The lenders are spending less time processing, and approving loans faster. Borrowers experienced not just greater speed, but with officers that can more easily view and access materials, superior package quality and no system downtime, vastly improved quality of service.