WHY APPLY INTELLIGENT AUTOMATION TO MORTGAGE PROCESSING?
More than 80%* of mortgage processes today continue to be manual and paper-intensive, relying on entrenched legacy systems. Mortgage companies need to process over two-years’ worth of historic documents to ensure the borrower can repay. Operational efficiency is an ongoing challenge with increasing costs and intense competition from digital-first FinTechs, while at the same time the mortgage processing industry is pressured by increasing regulations.
The good news: Mortgage processing is the perfect candidate for intelligent automation.
IQ Bot is the industry’s leading AI solution that enables extraction of data from semi-structured documents. Unlike traditional OCR, IQ Bot uses AI technologies to increase automation rate and enable end-to-end automation of mortgage processes.
*Harvey Spencer Associates
Process loan applications faster with IQ Bot’s intelligent document classifier. Decrease turn-around times and improve processing efficiencies.
REDUCE MANUAL DOCUMENT
Intelligently extract data from multi-page documents. Improve accuracy over time via built-in machine learning.
Reduce mortgage cycle times and customer touchpoints with intelligent automation. Discover the benefits of IQ Bot and RPA to achieve mortgage processing automation.
HARNESS THE POWER OF IQ BOT FOR MORTGAGES
Simplify your mortgage processing with IQ Bot’s powerful data extraction capabilities
- 10x faster set up reducing your time to value
- Out-of-the-box integration with RPA for end-to-end automation
- Analytics engine and dashboards for operational and business insights
- Intelligent document classification to eliminate manual data sorting
- Machine learning for accurate data extraction and reduced touchpoints
- Extraction in 190 languages for business use cases worldwide
HOW CAN IQ BOT HELP AUTOMATE MORTGAGE PROCESSING?
Document ingestion and management
IQ Bot intelligent document extraction can process multi-page loan applications and case files to extract data points of interest.
IQ Bot can quickly analyze thousands of pages of documents to predict risks. Predictive analytics provide key insights for specific mortgage use cases to assess risk to help you stay compliant.
Intelligently manage invoice and payment processing for escrow impound accounts and default servicing. Lower servicing costs with intelligent automation using AI and RPA.
"Our key objective, when we embarked on the robotics journey, was to free up our team members from routine, repetitive activities".