Manulife BANK Mortgage Simplification
SITUATION
50% of the loan applications had to be resubmitted.
Why: sale representatives were omitting documents and explanations, using the wrong rule for income calculation, making entry or calculation errors. During negotiations, they were changing parameters that do not affect risk, such as reducing interest rates or the loan amount. This resulted in resubmission, delay and lower client satisfaction.
SOLUTION
The human factors study of the end to end process revealed the nature of human errors and necessary corrective actions.
It was recommended that guidance be provided as follows:
- in the short term with Excel and Checklist , and
- by improving guidance and support to the current mortgage system.
RESULT
We tested a prototype and found that 50% of all the resubmissions could be prevented.
Key causes of resubmission (income, documents, explanation, entries errors) have now been prevented, improving cycle time and client satisfaction.