SLK Global Solutions, a business transformation enterprise offering technology platforms and solutions for the mortgage and financial services industry, has achieved a new benchmark of success with its latest offering, LoanAccel™, an origination support solution that helps underwriters provide conditional approvals within hours.
With an average of just 1.76 touches for a loan application, LoanAccel helped a leading U.S. lender achieve a 16-day clear-to-close average and an overall 67 percent increase in underwriting efficiency, company officials said. LoanAccel also helped the client significantly improve borrower satisfaction levels, boost productivity and reduce costs.
LoanAccel works with the lender’s current loan origination system (LOS). The methodology and automation within LoanAccel reengineers the conventional origination process flow, making it more proactive, predictive and fast. It uses this automation and process excellence to help originators, processors, and underwriters drive greater productivity and efficiency.
One of the biggest advantages of LoanAccel is expediting the underwriter’s conditional approval process by making sure a decision-ready loan file is submitted to underwriting in less than 48 hours. The LoanAccel team supports requirement gathering for the lender and the lender’s automated underwriting system, making sure that a lender’s most critical resource, the underwriter, can approve loans in fewer than two touches on average, regardless of loan application types. In addition, LoanAccel enables loan processors to only work on conditionally approved files, freeing them from many tedious administrative activities and improving the employee experience.
“It’s amazing. We’ve seen 67 percent increase in underwriting efficiency for one of our clients,” said SLK Global Senior Vice President – Mortgage Nate Johnson. “Lenders today face heightened competition fueled by new business models, limited housing inventory, and volatile market conditions. This is compounded by a time-consuming, friction-filled, and an expensive