Streamlining Mortgage Approvals
Finance
Technologies:
Challenge
The financial institution faced inefficiencies in its mortgage approval process, which directly impacted customer satisfaction and compliance readiness. Specific challenges included:
Data fragmentation – application data collected through online forms, in-branch visits, and brokers resided in isolated systems, making it difficult to verify and consolidate.
Lengthy approval times – manual processing of applications and data validation created bottlenecks, resulting in approval times of over two weeks.
Compliance pressures – adhering to regulatory standards required extensive manual intervention, increasing the workload on compliance teams.
Solution
To tackle these challenges, we implemented a multi-faceted solution designed to streamline processes and improve decision-making:
Mortgage Application Portal – a Power Apps-based application provided a centralized interface for managing the entire mortgage lifecycle.
Features:
- Automates the collection and validation of applicant data from multiple sources.
- Enables advisors to track, edit, and approve applications in real-time.
- Integrates directly with credit bureau APIs for automated creditworthiness checks.
- Generates detailed application summaries for compliance audits.
Unified Data Ecosystem – Microsoft Fabric was used to consolidate data from multiple input channels into a single, secure platform.
- Real-time synchronization ensured up-to-date and consistent data availability for analysis and reporting.
Performance Dashboards – Power BI dashboards monitored key metrics such as:
- Average approval times.
- Application volumes by region or channel.
- Compliance risks flagged during processing.
Results
The implemented solution delivered tangible improvements:
Automated workflows decreased average approval time from 14 days to 8 days.
Eliminated manual data entry errors, ensuring data consistency across all systems.
Automated reporting reduced the time required for audit preparation by 50%, ensuring ongoing compliance with financial regulations.
Faster approvals and clear communication increased customer satisfaction scores by 18%.