Mortgage Processing Automation

Leverage the Power of RPA and Intelligent Document Processing for Mortgage Automation

Introduction

 

 

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 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. 

Key Features

With Automate Intelligent Capture, our intelligent document processing solution, and Automate RPA, you can leverage the best in intelligent mortgage automation. Working together, these solutions extend mortgage 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.

 

Intelligent Data Capture

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Eliminate labor intensive, error prone, and time-consuming processing. With intelligent document capture, you can process loan and mortgage documents as they arrive in your organization from a scanner, email or monitored folder. Documents are sorted based on patterns, appearances, and text into specific document classes for extraction.

AI Document Processing & Machine Learning

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Our AI document processing and unassisted machine learning algorithms enable automatic self-learning for fast setup of unseen mortgage and loan documents. Plus using a robust, patented classification and categorization engine, you can leverage intelligent data capture to ensure automatic document classification. 

Automatic Data Extraction and Routing

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Reduce manual data entry between 60 to 90 percent by automatically extracting relevant fields based on document type. Data can be extracted from machine printed forms or barcodes. Route mortgage and loan documents electronically, and easily output images and data for use in your LOS or other business intelligence software.

Simple Implementation and Integration

Our unique auto-find learns data fields without endless hours of building templates. Simple integration with third-party applications makes it easy to move extracted data from mortgage documents to other business applications. 

Management Visibility and Compliance Controls

Easily see what documents are queued for processing and apply strict controls for how loan and mortgage documents are processed to meet ongoing regulatory compliance.

 

 

3 Ways RPA Streamlines Mortgage Processing

Mortgage lenders typically have applications that help the process along, but because everything is so manual, they struggle to get data and documents into each application in a seamless manner. RPA can streamline the mortgage application process by automating interactions between applications, data entry and extraction, and email and FTP automation.

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. 

Watch a mortgage process automation use case example between Blend and Mortgage Cadence >

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 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. 

Solve Key Challenges in Mortgage Document Processing

Ensure document identification and indexing consistency 

Dramatically increase mortgage and loan volume throughput

Reduce costs associated with internal document processing

Improve response turnaround time and manage document volume 

Looking for Software Bots to Automate Your Mortgage Process?

Check out RPA solution bots for Encompass, Blend, Mortgage Cadence and more.

Plus browse 150+ pre-built bots available for free download on the Automate Bot Store.

Watch Automate Intelligent Capture and Automate RPA in Action

 

 

See how Automate Intelligent Capture and Automate RPA work together for loan document reconcilliation. In this example, learn how it's possible to process a single commercial loan PDF with three separate documents, pull data from those documents, and then compare that data to the data residing in the core LOS. 

See What's Possible When You Leverage the Power of Intelligent Mortgage Automation

Learn how to combine the power of automation and intelligence to achieve your mortgage automation goals. Request your own demo to learn how you can transform mortgage processing in your organization.