Top credit unions know the key to success is providing excellent service and savings to their members. However, limited resources make it incredibly challenging for employees to juggle day-to-day high volume, high-frequency processes without errors. All while maintaining regulatory compliance. It takes more than just the right attitude to reach this high level of service. You need to have the right tools and technology to reduce the burden on your employees, clearing the way so the focus can stay where it belongs—on your members.
With the help of intelligent automation, your credit union can leverage robotic process automation, machine learning (ML), and artificial intelligence (AI) to improve efficiency, boost productivity, and save time.
Intelligent Automation for the Mortgage Origination Process
The mortgage origination process can be a headache to navigate for both you and your members. Between the many forms and documents required from applicants, and cross-checking systems and ordering services, there are lots of moving targets to coordinate. Plus, you don’t want the process to take too long and leave your members waiting and unhappy. According to Ellie Mae, this could take an average of 58 days. With intelligent automation, you can bring together RPA, ML, and AI to automate mortgage processing and reduce manual efforts while achieving greater accuracy and auditability.
Intelligent document processing helps you maintain control of the critical data throughout the mortgage process—no matter the source—for faster and more accurate document processing. Whether your data is structured (from a spreadsheet, database, or portal), or unstructured (from emails, forms, and invoices), your credit union can eliminate costly steps like document classification, manual data entry, and document analysis. Here’s how intelligent document processing can speed up the mortgage origination process:
- Review File Logs and Feed Data Back to LOS
Bots can review file logs for errors and notify the appropriate loan officer, all while feeding relevant data back to the LOS as necessary.
- Automate Credit Prequalification Process
Take advantage of bots to do all the things your loan officer needs to do to review applications like checking FICO scores, initial disclosures, rate quotes, and more.
- Create Files and Send Files Securely (sFTP)
Use the data from all sources to create files and reports and send them securely to network shares. Plus, you can notify stakeholders when the files are available.
- Send Conditional Approval or Rejection Letters
When a loan officer approves a loan, bots can generate the conditional approval letters by pulling the conditions and requirements from the LOS and send automatic rejections based on prescreening low FICO scores.
- Review Signed Loan Packages and Save to ECM
Bots can break the signed package into individual documents and review to ensure all critical information is present, and then save them to your electronic content management system (ECM system).
Credit unions can see a big impact from handing the mortgage application process over to automation. For example, one user shared that before automation, their loan underwriters could only get through 1.5 applications per day, but with the help of bots, they now complete 8 applications per day. That’s an over 500% increase in productivity!
Streamline Other Processes with Robotic Process Automation
Robotic process automation (RPA) can also be used on its own to streamline other tedious, repetitive processes at your credit union. RPA solutions let you hand these tasks over to helpful software bots that communicate with and manipulate your various systems and applications, allowing you to optimize your resources for greater efficiency.
From legacy systems to core banking systems, like Jack Henry Silverlake and Fiserv, and even your Microsoft applications, credit unions rely on many applications to provide services to members. Between manually entering data into your systems, sharing data between them, and just keeping things updated and accurate, navigating between your disparate systems can seem like more work than the task at hand.
Acting as middleware, RPA can layer on top of your current systems to easily bring everything together with centralized application integration to eliminate and streamline otherwise manual business processes. Here are just a few places you can put RPA to work in your credit union:
- Account Creation and Management
Get new members set up with online banking and other services faster by having RPA bots process member information to automatically create and configure accounts.
- Regulatory Compliance
Align your processes to automatically comply with regulations, run KYC and other background checks, and keep records and reports organized and ready for potential audits with ease.
- Daily Balancing Processes
Automatically reconcile balance and transactions to core systems and create balancing journal entries to handle discrepancies.
We’ve only scratched the surface of how intelligent automation can transform your mortgage process. Get a closer look at how leveraging the power of RPA and intelligent document processing can improve your lending process.