Accelerating Loan Processing with Rapid Action
Performance Snapshot Preview: Organizational changes and new perspectives within the Consumer Finance Department of a regional bank created an opportunity to review the current loan submission process. A small team of employees collaborated to streamline and update existing procedures, leading to nearly $100,000 in financial gains in the first year.
Incomplete information gathering on initial loan applications and unnecessary steps in the process were causing confusion in scoring as well as delays in transferring complete files to the underwriting team.
Team Engagement Strategy
A team of seven employees across three departments was assembled and equipped with Rapid Action, a toolkit for small problem solving teams.
Rapid Action Project Charter
How can we improve loan submission completeness to accelerate the transfer to underwriting and improve customer experience?
Sample of Solutions Implemented
- Created templates to aid collection of supporting documents which clarified the application process for potential borrowers and increased application completion rates.
- Developed reports on Certified Lenders’ loan application package completeness which allowed for analysis of opportunity areas and better performance evaluation.
- Optimized current pre-registration and scoring processes which led to a 50% increase in loan processing capacity.
Rapid Action Team Results
$1.54Mprojected financial gains over the next five years
$94,186in financial gains for the first 12 months implemented
50%increase in loan processing capacity
51 dayscycle time from team launch to wrap-up
The Rapid Action program is so focused and fail proof it really allows the team to be very productive in a short amount of time. The support from the coaches was a key factor in the success of this project as well. Throughout the whole process they gave guidance and encouragement when it was really needed. – Consumer Finance Supervisor
Learn more about the Rapid Action Toolkit
Are you interested in accelerating results and increasing engagement from your organization’s change management and continuous improvement initiatives? Take a look “inside the box” of the most reliable process available for rapid, team-based improvement.