Improved Applicant Verification Process for Leading Lending Firm
A leading financial service provider wanted to build an effective applicant verification process in a bid to save costs and reduce time taken to approve each applicant. However, the firms underwriting team still relied on the use of legacy processes and further lacked the technical-know-how and expertise required to build effective models.
These models would be built on frameworks that would effectively measure an applicant based on variable data such as, applicant data, credit bureau data, applicant background etc.
Developed in Python and hosted with an API endpoint for easy access, USEReady effectively built two models for the firm to help them achieve their objective.
- Delinquency Risk Model
- Easy Decline Model
The risk models drastically improved the overall quality of the underwriting process - empowering the team to arrive at more accurate and error free decisions in a much shorter time.