Mortgage loan processing has always consisted of a multitude of time-consuming data entry and manual processes. Prone to errors and generally inefficient, it was the only option available to mortgage offices for many years. Digital transformation has enabled the mortgage industry to automate the various loan process tasks, from the loan application to the discharging of the mortgage. It frees up mortgage specialists to focus on the customer, lending process improvement, and handling tasks better suited to their experience and skills.

Customers and the company brand also benefit from mortgage process automation. With the ability to automatically supply clients with real-time information, approve or deny applications, and complete other essential tasks, customers will get answers when they need them and spend less time waiting. Financial services providers will enjoy higher customer satisfaction with fewer demands on mortgage lenders, and everyone wins.

What are the benefits of automated mortgage processing?

Through Robotic Process Automation (RPA), mortgage processing automation has become exceptionally popular in the mortgage, banking, and finance industries, specifically for the wide range of benefits it provides throughout the loan lifecycle. In addition to handling loan origination tasks, it can handle document processing, customer relations management software, accounting business rules and regulations, cash flow processes, and much more. As a result, just a few of the benefits include:

Reduced Processing Costs

Reduced Processing Costs

A mixture of RPA and AI allows for automated mortgage processing programs, such as Automation Anywhere’s Document Automation, to reduce hours and processing costs. Current employees aren’t flooded with new co-workers or additional stress, processes are handled automatically, and the company runs more efficiently with less man hours.

Better Customer and Employee Experience

Better Customer and Employee Experience

A more efficient company translates into a more positive experience for employees and clients. With borrowers getting answers faster, in a language they can understand, this 24/7 automatic support means they can access solutions when they need them. The staff is happy, the customers are happy, and the company prospers.

Eliminate Errors

Eliminate Errors

Repetitive manual tasks are highly prone to human errors regardless of training or experience. Implementing a mortgage automation platform allows employees to avoid repetitive, error-prone tasks. This frees them up to focus on more important actions, make more accurate decisions, improve loan portfolios, and eliminate risks.

Detect and Fight Fraud

Detect and Fight Fraud

Fraud cases have increased exponentially. Mortgage lending RPA can quickly help identify and diminish fraud attempts while eliminating or minimizing losses. It's a Loss Origination System (LOS) you can rely on.

Higher Compliance

Higher Compliance

Regulations and regulatory bodies have changed a lot in the last few years. Adapting and meeting the needs of those systems means keeping up with those changes. Mortgage processing automation can help you create audit trails for improved compliance and better error detection.

Improved Forecasting and Decision Making

Improved Forecasting and Decision Making

With automated mortgage processing, you can easily predict revenues and losses. Armed with this knowledge, in addition to more comprehensive borrower databases and insights, you're in a better position to make decisions and decide where to dedicate time and resources.

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Who benefits from mortgage process automation?

Mortgage process automation provides a wealth of benefits to all employees and staff throughout the company. The effects of implementing mortgage process automation can be felt in departments throughout the organization.

Document Processing Departments

Management and Leadership

Mortgage process automation ensures compliance. Leadership will also be empowered by the information and data trails this technology creates. They'll be able to make better decisions with more confidence and take steps that they would never have been able to before.

Customer Service Agents

Customer Service Agents

With access to the information and databases created by mortgage process automation, customer service departments will provide customers with answers instantly. They can update records and offer better product recommendations based on what customers already have.

Sales and Marketing Teams

Sales and Marketing Teams

With a fuller picture of which products clients have and better risk assessments, sales and marketing teams can be much more effective. They can adjust marketing strategies to be more effective, while sales teams can better upsell and identify products clients could benefit from.

Accounting and Finance Departments

Accounting and Finance Departments

Mortgage process automation creates information trails that easily demonstrate compliance and adherence to the many changing rules and regulations. And if these regulations change, it is quick and easy to adjust and request any missing information or documentation.

KeyBank completes nine years of work in just two weeks with intelligent automation.

Customer Story

Overnight, we had to figure out a way to respond to increasing call volumes and staff for large amounts of work for processes that didn’t exist before COVID-19. One of our success stories was in loan origination where we created nine bots that were able to do nine years’ worth of work in just two weeks.

Dominic Cugini, Divisional CIO of Service Digitization

40k

Documents processed with IQ Bot

9 Years

of work completed in two weeks

$5M

Run rate savings in 2020

How automated mortgage processing aids the real estate and banking sectors?

Mortgage processing with RPA enhances the entire process for borrowers and lenders. You can start with just straightforward automation, but you certainly won't want to stop there. Once you see the difference bots can make in all aspects of the business, you'll find many other ways to automate and improve the way you do business. Some of these include:

Mortgage Analytics

Mortgage Analytics

  • Drill down menus to find stats
  • Track changes over time
  • Identify trends and new opportunities
  • Spot problems and threats
  • Improved, data-based decision making
  • See areas of growth usually obfuscated by market segmentation
Intelligent Document Processing and Database Management

Intelligent Document Processing and Database Management

  • Superior data extraction from virtually any document
  • Read and compile data from multiple sources
  • Data verification and indexing
  • Streamline transaction processing
  • Audit trails for proof of compliance
  • Access help documents and guidance
Post-Close Audit Automation Solutions

Post-Close Audit Automation Solutions

  • Integrity audits to flag problems
  • Spot loan deficiencies early
  • Identify discrepancies
  • HUD document processing
  • Mortgage document verification
  • Cross-platform data sharing
Mortgage Underwriting Processing

Mortgage Underwriting Processing

  • Handle disclosures and verification
  • Order and manage titles and reports
  • Appraisal, hazard, and other certificates
  • Tax certificates and the digitization of underwriting tasks
  • Contract review and creation
  • Credit, fraud, and other underwriting activities

What to look for in mortgage processing automation software?

How to get started with automated mortgage processing solutions?

Book a demo with one of our experienced robotic automation professionals. They would love to discuss automation and how RPA can help you improve your mortgage processing.

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More mortgage processing automation resources for the banking and real estate industries.

Customer Story

EY saves over $1 million annually with automation for mortgage customers.

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Read customer story

Video

Transforming the mortgage industry with Intelligent Process Automation and automated workflows.

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Watch video

Blog

Explore the impact of advanced mortgage automation systems on competitive edge.

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Read the blog

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