Optimize Mortgage License Owner (MLO) certification and approval process

Business Challenge

Manually intensive process for MLO certification and approval

Mortgage Licensing for an agent is a lengthy and intense process spanning over 10 – 16 weeks with multiple manual steps and elements posing a risk of human errors. This, in turn, can increase rework for the internal team and delay the obtaining of a license by the agents.

Our client was looking to streamline the entire process of mortgage licensing and bring in automation and less human dependency wherever possible.

How IQZ Helped

Provided an application which streamlines mortgage licensing business processes with real time visibility

An application was built on PEGA for our client, which provided a systematic way of managing mortgage licensing business processes. The offered solution provides a single intuitive platform configured with automated rules to allow for easy tracking and managing of an agent’s licensing process. A complete 360 view is provided on each agent to the back-office licensing team that ensures seamless communication, timely follow-ups with at maximum visibility. The following features have been provided in the application.

• Automated Email notifications eliminating manual intervention.

• Integration with content management (the client’s document management system).

• NMLS email integration which allows real time update using Pega’s NLP on agent’s licensing progress.

• Intelligent Task Routing.

• Reminders on tasks to be completed by the internal team which enhances productivity.

• Reporting feature to allow for better visibility and source for analytics.

Business Outcome

Better Visibility; Intuitive process, Improved assistance with licensing flow and maintenance

• Supports close to $29M revenue targets for 2021.

• 20-30% efficiency gain within three to six months of usage through automated case creation and work routing.

• Increased transparency and efficiency for internal mortgage team.

• Increased ability to track agent’s progress through the entire life cycle.

• Reduced compliance risk due to unlicensed agents issuing mortgages.

• All data related to mortgage stored in system of record DB2 tables via integration with company APIs to be used by other downstream systems and reporting.