See how HCLTech used creativity, resilience, and innovation to tackle the challenge of implementing new client projects and expanding production volumes during the darkest days of the COVID-19 pandemic.
See how HCLTech used creativity, resilience, and innovation to tackle the challenge of implementing new client projects and expanding production volumes through the darkest days of the COVID-19 pandemic.
Not all businesses faced a decline in the face of the COVID-19 pandemic. The U.S. mortgage lending industry witnessed record-high interest rates and volumes. In March 2020, UFS, a wholly-owned U.S. subsidiary of HCLTech, stood poised to ramp up a new mortgage fulfillment client project amidst a challenging environment. Almost all aspects of ordinary life halted worldwide. This client was initially keen on incorporating our variable cost model to handle their anticipated business influx. However, when the pandemic took hold, and most states began shutting down, there was an immediate need to move historically onsite operations to a completely remote working model. Both external factors further necessitated an urgent need for HCLTech to ramp up a new team for this client, which could adapt quickly to novel and fluid work requirements.
With mortgage lending deemed an essential business function in the U.S., we were able to maintain limited activities onsite to support onboarding and training the new team. Enabling the necessary technology for their remote work was also acquired in parallel. In a matter of months, an entirely new end-to-end fulfillment team was deployed, trained, and production readied. With careful and deliberate planning, the team was fully transitioned to work from home; all accomplished while maintaining client production targets and meeting established SLAs.
At this stage, the HCLTech team and our client partners uncovered an unanticipated consequence of moving to remote operations. The company needed to support a much higher level of data visualization and workflow management. Their legacy loan origination system was not enough to address this need. It did not offer a comprehensive pipeline dashboard or the ability to extract the raw data easily. HCLTech’s Toscana became a natural mortgage technology extension to augment the client’s ability to improve loan turn times and close quicker than ever, despite the mounting volumes.
The proverb, ‘necessity is the mother of invention’ applies to the shifting business models and the use of new technologies across industries to succeed in these extraordinary times. Without a clear end to the pandemic in sight, the mortgage lenders must find new ways to manage their operational workflow while paradoxically experiencing rapid and sustained growth. HCLTech has proved to be an agile and resilient partner in this uncharted journey.
To know more, read Digital door: Gateway to iENTERPRISE newsletter here: /white-papers/digital-process-operations/digital-door-gateway-ienterprise