Ensuring the mortgage origination process goes smoothly is a considerable challenge. The ability to streamline loan processing, while ensuring data privacy, accuracy, and regulatory compliance is a game changer.
Mortgage processing automation significantly enhances the lending process and enables financial institutions to do away with manual processing by routing forms and data automatically, reducing the complexity of processing applications, decreasing potential errors, and ensuring customers receive the best experience possible.
With Automate Intelligent Capture, our intelligent document processing solution, and Automate RPA, you can leverage the best in intelligent automated mortgage processing. Working together, these solutions extend mortgage processing automation capabilities and enable organizations to maintain control of critical information with speed and accuracy. Leverage AI and machine learning to enable automatic self-learning for previously unseen documents, making your system smarter and more accurate over time.
Three Ways RPA Streamlines Mortgage Processing
Application Interaction and Integration
RPA application integration enables you to bring together applications involved in mortgage processing. Automatically upload or download required documentation from your application portal into your LOS to retrieve the loan ID. RPA bots can also compare documents from different sources, like an employer-issued document and one issued by the IRS. They can scan documents for errors or missed fields, and perform document processing, including copying to multiple applications or multiple file locations. Reporting on loan status can also be automated, including number and status of loan applications.
Data Entry and Extraction
RPA tools can use optical character recognition (OCR) to pull information from the documents and save to Excel, creating a record of all applications processed. Data can be entered from documents to the core mortgage processing system, including Blend, Calyx Point, LendingQB, and others. RPA bots can enter data directly from a database or from public web searches to the core system as well. It can even log into government portals to perform automated data extraction.
Email and FTP Automation
Once all of the data is processed, you can send the information using FTP automation and HTML emails. Instead of manually examining information and communicating individually with borrowers, RPA bots can send emails directly to borrowers with encrypted files to request any additional information or to communicate updates throughout the process.
The Benefits of Intelligent Mortgage Processing Automation
Automate Critical Interactions with Current Systems
With robotic process automation (RPA), you can automate interactions between critical applications, data entry and extraction, and reporting. Whether or not you use the latest, most sophisticated POS, LOS, and core banking systems, RPA can be layered on your current systems to streamline business processes.
Provide Immediate Relief to Staff
Because it builds upon your existing technology, RPA can also provide immediate relief for limited staff and remove the need for temporary workers as your workload expands.
Supercharge Automation with Intelligent Document Processing
By combining RPA with intelligent document processing, featuring machine learning and artificial intelligence, you can eliminate costly steps like document classification, manual data entry, and document analysis. It’s intelligent mortgage automation that moves your business forward.
