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Case Study

Automating the Initial Underwrite with IDX & DecisionGenius

Automating the Initial Underwrite- Case Study

Client Information
Top mortgage originator with 60+ branches in the Midwest and an estimated $5 billion in assets.

Background
The customer was already using Indecomm’s IncomeGenius to calculate income, and they saw an opportunity to improve their underwriting workflow by using Indecomm’s DecisionGenius solution. This is an automated solution for loan decisioning and underwriting that seamlessly integrates with the customer’s LOS.

Problem Statements

  • The bank wanted to improve underwriting productivity to eliminate some of the ramp up- ramp-down concerns with market cyclicality
  • The bank was interested in enhancing its underwriting workflow without drastically impacting its headcount as hiring new underwriters in busy times is time-consuming and costly.
  • The bank wanted a more consistent approach to how their team worked
  • Business and technology leaders wanted to implement new software during market downturns to allow ample time for seamless adoption within their teams before market conditions rebounded.

Solution Summary and Key Benefits
The bank implemented Indecomm’s IDX platform, which is the underlying data and document extraction solution within DecisionGenius.

This was set up as a “lights out” integration.  Files are automatically moved to IDX to classify documents and extract data.  Once the documents are digitized, the orders are routed through our DecisionGenius platform to have income calculated, assets analyzed, and credit reviewed.

A list of conditions is passed back to Encompass.  The delivery of an automated pre-underwriting analysis that included an income calculation gave the underwriting team more time to work on more important tasks and more difficult deals.

The Result

  • An average of 79% of the steps within the initial underwrite have been automated
  • This eliminates an additional $88 of the cost per loan
  • The overall time to underwrite a loan is reduced by 40-50%

 

Case study details

 

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