Reducing 'stare and compare' decreases file intake time
National mortgage originator and servicer Home Point Financial has expanded its partnership with mortgage automation software provider Capsilon to cut purchase review time.
Under the agreement, the Capsilon IQ platform was integrated with a proprietary tool called Automated File Intake for Home Point's correspondent channel. Additionally, Capsilon IQ was rolled out across the company’s wholesale channel.
By integrating with Capsilon IQ, Home Point said it reduced delegated correspondent purchase review time by 33%, improving operational efficiency.
For most correspondent lenders, the process to onboard loans for purchase review requires significant manual "stare and compare" time. Typically, more than 50% of operational staff time is spent reviewing documents side-by-side, using a checklist to make sure the documents are identical and data is accurate.
Home Point chose to invest in building a software-powered tool using Capsilon IQ to automate manual work instead of adding more people. The tool significantly improved associate productivity and decreased file intake time by reducing the “stare and compare” from the purchase review process.
"Capsilon has been an innovative partner throughout this process. Their understanding of the mortgage business helped us build a customized solution that boosts productivity across channels," said Maria Fregosi, chief capital markets officer at Home Point Financial. "We look forward to continuing our relationship with Capsilon to help provide a better experience for our lender partners."
"Home Point Financial is changing how mortgages are delivered," Capsilon CEO Jim Obsitnik said. "We're thrilled to partner with them to help deploy a new way of operating that harnesses the power of data to improve the mortgage process."
