Intelligent automation doubles productivity and compresses mortgage loan turn times by >25%

ABOUT

The Loan Store, Inc. (TLS) is a rapidly growing mortgage company leveraging efficient processes and decades of mortgage expertise to create a successful ecosystem for their broker and correspondent partners.

MOZAIQ’s software solution offerings are focused entirely within the mortgage eco-system, leveraging Intelligent Process Automation to build intelligent mortgage centric solutions.

THE CHALLENGE

Wholesale lending is a challenging environment where operational excellence is key, and Brokers demand a high level of speed and customer service. TLS provides their broker network with consistent competitive prices and an easy loan process but the manual handling of multiple processes in traditional mortgage lending methods has slow turnaround times and a high rate of error. In addition to other growing costs challenging the company, a fluctuating market increases hiring costs and slows their ability to scale up or down.

100%

Productivity increase

>80%

Straight Through Processing

60%

Cost savings

>25%

Compressed mortgage loan turn times

Intelligent Automation allows our operations to scale with the fluctuating market while retaining our valuable employee base.

-Jag Chopra, COO, The Loan Store, Inc. quote

THE SOLUTION

TLS partnered with MOZAIQ to design and implement automation across several complex mortgage processes. MOZAIQ leveraged AAI’s automation platform, Automation 360™ (IQ Bot™ intelligent processing software and RPA Workspace) combined with MOZAIQ’s automation as a service solution.

Processes Automated

LE Generation & Re-disclosures

Initial Disclosures Generation and Delivery

Lock Confirmation Generation and Delivery

Clearing File Setup Conditions

Loan Document Classification (Indexing)

Ordering Flood and Fraud Services

Loan Delivery to Aggregators and GSE’s

THE WHOLE STORY

TLS values exceptional broker service and satisfaction, so to achieve the operational excellence needed to uphold these values they partnered with MOZAIQ LLC to augment their processes with automated solutions.

The MOZAIQ mortgage process automation solution uses Automation 360 and IQ Bot to automate mortgage processes for loan setup, underwriting closing, post-closing, shipping, and servicing. The solution deploys trained, reusable digital workers to execute mortgage processes and seamlessly integrates with common loan origination and title systems, all supported by a robust and secure audit and reporting function. The solution uses pre-trained AI models within IQ Bot to execute complex mortgage processes at unprecedented speed, scale, and accuracy.

In addition to significant cost savings and higher productivity, compressing the overall loan cycle time has many benefits. Employees are free to focus on higher ROI work, customers receive approval and funding faster, and the cost savings are passed on to the customers with low-cost lending.

THE FUTURE

Now that much of the front and back-end mortgage lending processes are automated, TLS and MOZAIQ will automate high-value, mission critical underwriting processes, adding even more significant cost savings and enhancing productivity further. These processes which include data extraction and bots capable of comparison and data analysis, will be leveraged as a foundational capability that can be applied at multiple stages of the loan process, such as QC Audit, Closing and Funding.