A prominent private lender for real estate businesses, focused on providing customized loan products and services for construction, real estate, and broker-managed loans.

The client’s manual underwriting process was slow and relied on multiple external sources, including credit bureaus and background checks, causing delays. Constant changes to business rules further compounded delays, hindering the launch of new loan products and creating inefficiencies. The client sought a solution to accelerate the underwriting process, enable scalability, and support the launch of new lending models.

The client, with Turing’s support, executed a comprehensive lending automation transformation to streamline their underwriting processes and enhance scalability:

• Microservices architecture: The monolithic platform was refactored into a scalable, microservices-based architecture. This enabled quicker loan type rollouts, with real-time data processing and external system calls to improve operational efficiency.
• Automated rules engine: A dynamic rule module was built to configure and modify business rules without requiring code changes. This flexibility allowed for faster adjustments to lending policies and ensured timely compliance with regulatory changes.
• System integrations: Turing integrated the platform with Experian for credit checks and LexisNexis for background checks, automating data retrieval and validation. This eliminated manual data fetching, expediting loan processing and improving accuracy.
• Comprehensive solution deployment: Front-end applications were built using Ruby on Rails (for the Ops and Consumer Apps) and React (for the Customer Mobile App). The API Gateway, using Node.js, facilitated communication between front-end applications and back-end systems.

• 45% improvement in loan processing time: Automation reduced loan processing from weeks to just a few days.
• 20% increase in new loan applications: Scalability enabled faster loan offerings, increasing new applications.
• 30% reduction in cloud infrastructure costs: Optimized cloud infrastructure reduced operational expenses.
• Construction lending platform launched in under 2 months: The dynamic system allowed the rapid launch of new loan types, such as construction loans, due to reduced code changes.