This use case explains how a mortgage provider used Managed File Transfer (MFT) to simplify the review and acceptance of an application. MFT completely transformed this complex process, using automation, streamlined security and more user-friendly steps for the applicant and solicitors.
A lengthy and complex mortgage application process
Previously, after a fact-find with a mortgage adviser, the completed documents would be zipped up, password protected and emailed to the applicant. The applicant would need to call in to be told the password, then would print, sign and return the form, along with proof of ID, details of income and other documents.
The mortgage adviser would receive it and then send it on to the underwriter to be approved or declined.
Once the underwriter had approved the offer, they generated an offer document, which was stored on an internal system.
Another member of staff would need to download the offer from that system, create a zip file, password protect it and then email it to the applicant and their solicitor. Both would need to call the company to get the password to access the offer document.
Streamlining the process with MFT
Using MFT’s secure email functionality, secure online forms, automated workflows and secure folders, the IT team were able to completely transform this complex process.
- After the initial fact find, the mortgage advisor now emails the documentation directly to the applicant easily and securely, using MFT’s secure email functionality.
- The applicant e-signs the form.
- The email contains a unique link to a secure online form on the company website, where they upload and submit their signed form and other documents (proof of ID, income etc).
- These documents then enter an automated workflow to be scanned for viruses and then moved to the correct folder on the network.
- The underwriter receives an email notification, so they can review the files and accept or decline the application.
- Once manually approved, the workflow continues, generating an offer document and transferring it to a secure folder, which can be accessed by the applicant and their solicitor.
This process saves time, reduces the complex steps and is far more customer-friendly. The mortgage advisor spends less time on manual processing and has more time to add value to applicants. The underwriter can review more applications more quickly, enabling the business to become much more efficient.
If you would like to find out whether MFT is the right solution for your business, see our online guide to MFT. This includes links to a range of free downloadable resources.