How WEI Mortgage Reduced Loan Processing Cost by 22%

Since its inception in 2002, WEI Mortgage LLC has grown its coverage to include 45 states and is an approved servicer with Fannie Mae and Freddie Mac, a GNMA security issuer, and an approved lending institution by the U.S. Department of Housing & Urban Development (HUD).

After experiencing many ups and downs in the financial industry, including the 2008 financial crisis, the multi-state direct mortgage lender faced another challenge.

In order to meet fast-evolving consumer expectations and deliver outstanding customer experience to every borrower while staying profitable, WEI had to increase its operating efficiency and lower cost as much as possible. 

The Challenges

The paperwork involved in the increasingly complex loan application process was leading to delays and errors. In addition, passing digital documents via email was causing versioning issues and security concerns.

Not to mention, modern consumers expect transparency and real-time updates that a traditional loan origination process was unable to provide. The need to adhere to increasingly strict cyber-security protocols and industry standards was also increasing the cost of doing business.

To overcome these challenges, WEI had to replace its legacy system with an all-in-one LOS platform that uses cutting edge technologies to streamline workflows, improve communications, increase cost-efficiency, and ensure security. 

The Solution

As part of its effort to lower cost, improve efficiency, and increase profit, WEI Mortgage switched to LendingPad's complete suite of LOS solutions.

Moving to a cloud-based platform eliminated the need for any upfront technology investment. WEI was able to get up and running in no time with the new software.

Since LendingPad takes care of all the ongoing software upgrades and maintenance as part of the subscription plan, WEI is able to substantially lower its IT overhead. Leadership can now focus on running the business and delivering the best loan service instead of worrying about technology.

With LendingPad, WEI Mortgage is able to streamline workflow, eliminate bottlenecks, minimize errors, and improve customer communications. It can also gain better insights into its operation and profitability thanks to the robust reporting and analytics features.

Not to mention, with LendPad's high level of security measures and compliance standards, WEI can adhere to the latest rules and regulations governing the lending industry without having to invest heavily in in-house IT security.

The Results

After implementing LendingPad, WEI Mortgage was able to reduce loan processing time and increase visibility into its pipeline.

The reporting system also improved transparency for better customer communication and workflow management.

In addition, the company reduced its operating expenses and lowered the cost of processing a loan from $9,000 to $7,000 -- a significant saving that's allowing the company to scale up profitably.

Meanwhile, WEI reduced the number of staff needed for back-office activities from 12 to 7, further lowering its operating costs.

Implementing the right LOS solution has helped WEI Mortgage dramatically streamline its operation, lower cost, and improve the customer experience while ensuring that all systems stay compliant with the latest industry regulations so its customer information is secure.