Modern mortgage lenders are currently faced with more challenges than ever, as business becomes tougher to manage in the face of increasing operational and regulatory changes. Coupled with the fact that most lenders continue to rely on ancient infrastructure and legacy systems which still rely heavily on manual processes and one can understand why so many small to medium scale mortgage lenders are having to shut down their shops. Instead of being able to focus on process improvement, better customer experience, and analytics, most mortgage lenders instead spend their time and budgets on managing repeatable, but simpler processes.
In this customer-driven and rapidly evolving landscape, mortgage lenders need to cater to tech-savvy clientele who need information at the tip of their fingertips. Loan process automation, also known as Robotic process automation (RPA) can help solve these challenges while leveraging state-of-the-art software routines to streamline their operational processes.
RPA essentially means assigning a software robot based on AI to perform routine tasks which are workflow-driven and rule-based. This kind of robotic process automation for mortgage services can interact with different IT systems at a GUI level without having to interact at a system level, so are much safer as well. It can easily interface with your existing loan origination system or any other legacy technology and navigate and perform tasks just as a human would, but at a much faster rate and without any errors. Loan process automation takes advantage of the fact that while lending operations might be complex, they are generally driven by pre-determined rules which can be easily robotized.
Loan process automation introduces data entry using a virtual keyboard and reproduced human thinking and can control applications through already existing commands.
RPA can help you lower costs and according to recent market research reports, is expected to grow at a CAGR of 60.5% worldwide by the year 2020. The total market size is expected to be valued at US$ 5 billion by 2020 as well.
There are many ways mortgage lenders can easily leverage loan process automation for their own benefits without sacrificing quality. Whatever level of precision they choose remains open to their requirements, but the benefits accrued remain the same throughout. Let's have a look at some of them -
As a mortgage lender, you can build complete audit and control checkpoints within your processes, as their upfront design can ensure their capability of providing better data gathering, pre-population of transcripts, etc. based upon the existing regulations.
More than 70% of the tasks involved in mortgage processes across the value chain tend to be prep tasks, are easily replicable, and are consistently logical making them ideal candidates for automation. At FWS, we can deliver loan process automation which will help your company be more efficient and innovative while focusing on future-proofing your operations for better customer satisfaction.
Our end-to-end component-based mortgage solutions have been proven to deliver outstanding results for our clients.
Contact us now to know more about our offerings and how we can help you achieve uniform automation throughout your organization.