Background
theLender, a leading and rapidly expanding wholesale mortgage company in California, aimed to transform its lending process by embracing a streamlined, scalable approach that would enable faster growth in a competitive lending market.
The company wanted to scale its loan volume significantly but faced bottlenecks in the document preparation process. They needed
a faster, more cost-effective, and compliant solution across all 50 states without relying on costly external attorneys. theLender also wanted the flexibility to rapidly support new loan products and allow for unique loan situations to be handled with the same speed and accuracy.
Solution
theLender partnered with GoDocs to automate the preparation of commercial loan documents. The GoDocs platform integrated with their existing system and provides two levels of automation: full automation of loan document preparation for all non-QM and other private lending products, and an auto-population of the generated loan document through an integration with theLender’s loan origination system (LOS).
With these two levels of automation in place, theLender exceeded their aggressive loan volume growth goals and saved substantial time/costs across external legal and internal staff. The GoDocs platform provides theLender with online data validation to deliver quality control while data entry is occurring, and presents theLender’s loan processors with multiple reminders and best practices commentary to help ensure the quickest and most accurate data entry.
Results
- Rapid Loan Processing: In the first month, more than 100 loans were processed, with loan volume tripling in the second month.
- Cost Savings: By automating document preparation, theLender saved over $300,000 monthly in legal fees and achieved a total of $4 million in annual savings.
- Operational Efficiency: GoDocs’ interface minimized the need for employee training, and the integration with theLender’s systems reduced manual data entry and quality control, resulting in significant time savings.
- Business Growth: The automation allowed theLender to grow loan volume by 10x and continue expanding without needing to hire additional staff.
In summary, GoDocs provided theLender with the tools to streamline its operations, reduce costs, and scale its business effectively.
