Mortgage banks

The ever-changing, heavily-regulated and competitive mortgage industry is rapidly evolving to meet the digital demands of tech-savvy customers, reduce the cost of operations, increase efficiency and be compliant. Mortgage lenders are embracing disruptive technologies such as RPA, AI, Chatbots, etc. to gain a competitive advantage. Given the process-oriented nature of the mortgage industry, RPA has emerged as the technology most impacting the industry. It has been a driving force in helping lenders improve on loan processing time, quality, compliance and cost challenges head-on, and help realize a faster time to revenue. Though relatively new on the horizon, RPA has already starting to dramatically streamline the mortgage lending process.


Sample Process

Loan Origination

RPA solutions can be used to increase turnover time of Loan processing. By automating repetitive and time-consuming manual tasks such as verification of pre-funding data, ordering services such as credit, title, flood, etc. and auditing the documentation submitted etc.

Underwriting

RPA helps Mortgage banks to gather, and process data related to the mortgage applicants resulting in faster time and more accurate reports. Additionally, the application of AI enables lenders to improve how they determine and underwrite their exposure to risk.

Appraisal

RPA solutions can be used to collect property related information like title information, history of ownership, dimensions, geographical location and trending market value of similar properties and submit the information to the appraiser.

Loan Administration

RPA is used by lenders to update key loan attributes when changes are required based on loan servicing activities.

Compliance

RPA is used not only to manage compliance, but also manage the risks associated with these compliances. It simplifies compliance by keeping detailed logs of automated processes, automatically generating the reports an auditor needs to see, and eliminating human error.

Fraud Detection

RPA can help Mortgage banks check identify suspicious activity with real-time risk management. RPA makes identification easier and faster by automating the matching of information of transactions profiles of customers, public databases of stolen information, and internal audits.

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