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QC automation substantially reduces the time and effort needed for reviewing loan files using OCR technology, rules engines and automated workflows. This leads to more holistic, efficient, and accurate QC and compliance processes. It enables financial institutions to conduct comprehensive audits and implement quality control measures, ensuring every relevant data point is considered during quality reviews.
By leveraging advanced technology, the partnership empowers financial institutions to enhance the overall efficiency of their quality control and compliance processes.
FundMore is a mortgage underwriting software. Its end-to-end automated LOS (loan origination system) lets lenders confidently lend at speed and scale. Using machine learning, it streamlines funding processes, reduces risk, and improves efficiency through analytics.
Maddee Hegde, EVP and head – Coforge BPS said, “Lenders and insurers will have greater transparency into risks at a loan level, empowering them to make more informed decisions going forward.”
Chris Grimes, CEO FundMore said, “We spoke with many lenders and identified a gap in the current process. Lenders and insurers are unable to perform QC at scale for the loans that they are producing or insuring. Working with Coforge, we have developed a way to automate these compliance tasks using their Copasys platform. We can now ensure that every loan is reviewed against lending guidelines to identify deficiencies upfront. Lenders can use this information to produce better quality loans and minimize downstream impacts.”
Coforge is a global digital services and solutions provider that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. The firm has a presence in 21 countries with 25 delivery centers across nine countries.
The company reported 49.69% decline in consolidated net profit to Rs 114.80 crore despite of 5.56% rise in revenue from operations to Rs 2,170 crore in Q4 FY23 in Q4 FY22.
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