Loan Processing Automation with Mulesoft

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About the Client
Our client is a large Credit Union company based out of Texas that is delivering exceptional financial services while investing in the community through financial education programs, service initiatives, donations and helping Texans SAVE, BORROW and INVEST since 1931. They’re the professionals who've been trusted by generations of North Texans to finance their new car, truck or SUV. Customer has grown to more than $2 Billion in assets, serving more than 147,000 members in all 50 states.
Easy access to credit platforms resulted in a large volume of loan applications, which continued to grow daily and caused unsettling backlogs. There is a considerable increase of manual document movement to various divisions throughout the processing of any loan. Most of the loan procedure, which includes underwriting, validation, and manually verifying loan applications, and checking eligibility. This made the process time-consuming, laborious, and prone to errors.
They wanted to make the entire loan application process more efficient so that the traditionally used manual method would be replaced with an automated system that would augment human operations.
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DIATOZ monitored the entire loan management system and identified key areas for automation. An end-to-end Mulesoft solution process was articulated to enable the customers to get their loan eligibility amount, Interest rates based on their CIBIL Score, and not only that it sends out structured data to CRMs.
The Mule application was designed to integrate with the SymXchange that let the third-party vendors, credit unions, and JHA products provide the ability to access the Episys database. The solution allowed third-party vendor applications to perform transactions, inquiries, file maintenance, and run PowerOn spec files on member accounts and their CRM system(Salesforce).
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Customer saw a significant improvement in the turnaround time taken to process the loan applications, and meet their customer needs quicker. In addition, the Mule application helped to reduce errors and improve accuracy, as it eliminated the need for manual data entry.

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