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Digitized Workflows Reduce MLO Lifecycles for a Mortgage Platform ISV

X M
Xoriant Marketing
Digitized Workflows Reduce MLO

Client Background

The client, a leading mortgage ISV, wanted to sustain their competitive edge by increasing automation of their legacy loan origination platform. The client‚Äôs comprehensive digital transformation goals involved end-to-end workflow automation and process improvements across the Mortgage Loan Origination (MLO) lifecycle for lenders, investors and borrowers. Xoriant technology expertise and mortgage industry knowledge were sought to achieve the client‚Äôs digital mortgage vision. 

Key objectives:

  • Automate and Streamline Workflows for lenders and investors to achieve various loan milestones including loan acquisition, loan delivery, loan closing, etc. Build task-based custom workflows for managing multiple tasks in parallel, eliminating delays caused by stage-wise, manual tasks in the Loan Origination System (LOS).
  • Automate Service Ordering (ASO) for lenders to order services and process loans faster with third-party service providers within the ISV‚Äôs partner network.
  • Build an Integrated Loan Packaging and Delivery System with maximum automation of manual processes to reduce costs and enable lenders to deliver huge volumes of loan packages faster with all required artifacts (e.g., documents, loan field elements, loan dataset extracts, etc.) to investors.
  • Digitize and Accelerate the Loan Closing Process for lenders and borrowers.

Xoriant Solution | Key Contributions

Automated and Streamlined Workflows:

  • Created a highly customizable task and workflow orchestration platform that can scale quickly leveraging cloud capabilities.
  • Fine-tuned message streaming configurations and centralized application configurations for all the services.
  • Handled features development and maintenance; managed bug fixes, upper environment deployments, support for production releases.
  • Implemented measures like Distributed Message Service (DMS) and AWS data pipeline, freeing unused instances and reducing COP to reduce costs.
  • Implemented asynchronous processing in various services to improve performance and added retry capabilities for fault tolerance.
  • Addressed security vulnerabilities, code coverage, unit tests with Twistlock, Checkmarx, SonarQube and JUnit.

Automated Service Ordering (ASO) for Loan Processing: 

  • Automated configuration ordering once loan conditions are met with ASO. Enabled users to order services configured by the administrator; view order details, documents generated, order history, etc. Preconfigured loan workflows and set triggers for predefined actions on loans at specific milestones in the loan lifecycle.
  • Developed libraries and components for plugging into UI framework, increasing reusability.
  • Developed ASO integrations that can be invoked from LOS desktop and web applications; built test cases for these integrations.
  • Designed a micro-front-end UI to make integrations highly portable and lightweight.
  • Set up Host Adapter libraries for bridging the UI with the web applications and desktop version.

Built an Integrated Loan Packaging and Delivery System:

  • Enabled fully automated, bi-directional communication between lenders and investors.
  • Created reference architecture, APIs, integration by category for easy partner implementation.
  • Developed JAVA-based APIs and React-based UI for each partner.
  • Ensured 100% service fulfillment resilient with a robust architecture.
  • Developed Kafka-based messaging for communication between services.
  • Built automation scripts using Java, Selenium WebDriver, REST Assured, TestNG, and HP UFT to achieve 100% test automation for APIs and UI features.

Digitized and Accelerated the Loan Closing Process: 

  • Contributed to implementation of eSign and eClosing solution using DocuSign.
  • Supported eNotes (Digital Promissory Notes) integration with Loan Origination System (LOS). 
  • Developed modern APIs for initial disclosure with Caching and Webhook mechanisms. Built orchestration service APIs to integrate Electronic Note workflow from UI to core services.
  • Built robust, end-to-end RESTful integration services to interact with UI and core services.
  • Implemented Webhooks for asynchronous service fulfillment.
  • Implemented solution using AWS step functions, Python, Caching, Kafka messaging and internal client product and services.

Key Benefits

  • Achieved 4x Loan Processing Speed with message streaming configurations for seamless communication of loan deliveries by lenders to investors and reduced processing time for data-only loan deliveries with optimized workflows. 
  • Enhanced workflow orchestration model to provide lenders and investors with a streamlined, automated workflow to accomplish tasks faster across different stages of the loan lifecycle.
  • Simplified the tedious and time-consuming process of ordering MLO services such as credit, product and pricing, underwriting, appraisal and verifications and enhanced lender usability.
  • Automated processing of milestones for multi-loan management and made less error-prone with ASO.
  • Equipped lenders with an email notification service to keep investors posted on loan delivery status.
  • Saved time and resources of loan lifecycle partners with simultaneous loan package delivery to partner/investors and due diligence firms.
  • Improved initial eDisclosure through loan closing packages with paperless document management, allowing lenders to pull accurate, compliant docs.
  • Enhanced loan process efficiency and time to close with eSign and eClosing solutions for borrowers and lenders.
  • Improved loan closing flexibility with Hybrid eClosing and Full eClosing options.

Technology Transformation

Amazon Web Services (AWS) | Spring Boot | Microservices Architecture | JUnit | RESTful | Redis | PostgreSQL | Kafka | Docker | Jenkins | Terraform | Maven | Atlassian tools | AngularJS | ReactJS | REST Assured | Selenium | TestNG | Postman | UFT | Web API | DocuSign