Telesales

Project Description:

Problem Statement: Last fiscal year’s telesales cycle time (application to close) averaged 42 Days. This long cycle time causes increased costs and reduced customer satisfaction.

Goal Statement: The goal is to reduce the telesales cycle time for application to close (shift the average) from 42 days to 35 days.

Start Date: February   End Date: June

Project Metrics

Sigma: Baseline: -.57 Current: .34

DPMO: Baseline: 650,419

Cycle Time: Baseline 03: 65 days Baseline Q2 04: 42days

Project Benefits

Net Savings: $3.9 – 5.2MM

• Direct Savings:
  • Closing and selling loans quick
  • Lower Processing/Underwriting costs
  • Appraisal cost savings passed to Borrower
  • Reduced Commissions
  • Risk based pricing fees
  • Technology and hosting fee
  • Incremental volume
  • Increased Customer Satisfaction
  • Improved Customer Retention

Project Accomplishments

• Cycle Time Average 32 days , 10 day Reduction (shifted the average)
• Waived documentation: Appraisals: 70%, Income: 45%, Assets: 45% and 45% waivers on all three.
• Covering the cost of the ProSpan Telesales & the launch of ProSpan Direct (Application and approval via 53.com) with savings from cycle time reduction.