Automation of conventional operations in a Mortgage and Lending company
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Automation of conventional operations in a Mortgage and Lending company

Automation of conventional operations in a Mortgage and Lending company

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Mortgage and Lending companies face multiple challenges when it comes to automating conventional operations, integration of new applications, elimination of high operational costs, and hours of manual labour. Mortgage processing is being streamlined by several teams, which necessitates the rapid application of new standards, methods, regulations, and protocols. Here’s how we assisted our client CMI with all of the above-mentioned industry challenges.

About the client:

Canadian Mortgages Inc. (CMI) is one of Canada’s largest non-bank private lenders, servicing the mortgage brokerage industry and investors. After having handled multiple high-end financial processes, CMI needed experts to handle their growth factor in their already expanding growth journey.


Here are the major challenges faced by CMI:

  • A need to automate conventional operations and eliminate high operational costs caused by several systems and hours of manual labour.
  • Reduce long cycle times, assist dissatisfied staff, and, most significantly, improve customer satisfaction.
  • Reduce the time and effort necessary to complete mortgage loans owing to excessive paperwork and data cross-verification from several stakeholders.
  • Quantifying the average loan size and application time.
  • A dispute in collaboration between the team and the average book size.
  • Cross-verification of data from many stakeholders.
  • Reduce the time and effort required to process mortgage loans.
  • Multi-Language support and real-time communication and updates on the end-to-end mortgage process.
  • Requirement of long-term digital transformation of their business processes.
  • Means to automate and integrate investor documents.

Outcome with Teqfocus:

  • CMI reduced their annual costs and expenditures by lowering overall operational costs while increasing operational efficiencies, resulting in the processing of 35M to 500M+ loans after the solution.
  • We were able to streamline their process, saving them significant time (estimated at 3-5 hours per week per employee) and enabling better tracking.
  • The entire end-to-end mortgage assessment process was eventually automated, and we saw a monthly increase from 4 applications to now 20. The Sales team who had previously handled that activity was reassigned to more exciting, higher-value activities.
  • The high-value activities are:
    – Business growth
    – Faster loan application closure time
    – CRM
    – Ensure total compliance throughout the loan process
    – Spend more 1:1 time with clients
    – Increase profits without working additional hours
  • With our salesforce capabilities, CMI enjoyed better compliance process tracking and control reduced errors, higher application rates, increased compliance officer competency, resulting in higher application rates. As a result of superior compliances using system enhancements, CMI experiences lower rejection rates.

The Teqfocus Team Solution:

CMI, like many other mortgage and lending companies, saw opportunities and sought help to use automation to transform manual, time-consuming procedures using outdated technology into competitive advantages through increased efficiency, capacity, and output volume. They collaborated with Teqfocus to address their core issues and implement tactical solutions.

  • There were no specific Dashboards, templates, database integration, accounting dashboards, and compliance dashboards for the accounting team previously, and they spent a lot of time updating and sharing one excel spreadsheet to manage payments. Changes to the BOS saved a significant amount of time (estimated at 3-5 hours per week per person) and improve monitoring.
  • We concentrated on improving their functionality, dividing the solution into two components: Salesforce implementation and web process implementation.
  • We automated various processes on the go and integrated their back-office web application with Salesforce, allowing for real-time data synchronization.
  • With the help of Teqfocus’ technical competence, CMI enhanced the Salesforce usage where 80% of enhancements were done by us. Specifically, there were many small to large enhancements and integrations that were done based on their specific needs.
  • Multi-level approval process: We assisted the clients in obtaining many levels of permission so that transactions may be completed quickly. Alternatively, there was clear visibility in terms of the approval process.
  • CMI Lead conversion process: At CMI Lead conversion, we assisted in the creation of various sorts of accounts and contacts based on the type of lead, making the process of categorizing transactions by type much easier.
  • Multilayer Validations: On the transaction end, we put in place stage-level security that prevents some user roles from editing values and allows others to edit/update them.
  • PAD automation: User admin was previously required to send the customer a request for an updated cheque and new bank details – all by mail and then follow up on it. With Teqfocus’ automation solutions, all the steps of deal processing were automatically taken care of by our system.
  • CMI mainly operated on the ‘Deal’ level and there is ‘n’ number of customization and calculations that had to be done on the deal level. After customization from our solutions’ experts, the process became a lot smoother at both front and back.
  • We implemented custom Aura components to display the details of Deal’s on contact and account as required by the client helping them to analyze the values as needed.
  • Previously, CMI was only available in English. As a result, BOS services were unavailable to users because of the language barrier. CMI being a Canadian company required the use of the French language as well. This created a language gap which was overcome using our language capabilities.
  • Previously, status change of the loan process and automatic problem reporting to the client’s system had to be done manually by mailing the issue to CMI.

Services and Tools used:

About Teqfocus:

Teqfocus is a Salesforce Silver Consulting Partner company based in Toronto, Canada. We aim to find a more valuable, less invasive way for clients in the lending and mortgage industry to use digital tools and techniques that improve customer experience, existing operations, steps in lending, and mortgages. We are deployed by industry-leading growth companies to transform their customer experience across lending mortgages in their digital transformation process
We are chosen to reduce the time taken for the process and make it hassle-free for everyone. We as a company work towards the digital transformation of various industries with the aid of our expertise, and partnership with Salesforce.
If you wish to know more about the next digital transformation strategy that will benefit your organization, feel free to contact us.