MSuite is the newest automation wave to hit the mortgage industry where AI & ML capabilities are melded to create an OCR-based automation engine for speedier and low-cost implementation. It is the silver bullet that fixes business challenges globally with 95% accuracy.
In the mortgage sector, the biggest challenge we stare at today is the under-adoption of automation. This is mainly driven by phenomenal upfront investment. Not just that, it's resource-intensive and time-consuming to pass the adoption stage and staff training. Besides all hassles accosting the adoption, whether automation would yield tangible savings or efficiency remains unanswered.
This is where MSuite comes in. We call it the juggernaut solution because it overcomes the under-adoption of automation. MSuite as Automation as a Solution (AaaS), takes away concerns about upfront cost and forceful extension of the contract. The MSuite topples all barriers to help mortgage lenders increase adoption with so little resistance and upfront cost. The biggest plus in choosing the MSuite is that the clients won't see the major displacement of their internal praxis. It is often touted as the complete solution for the mortgage ecosystem to combat modern challenges.
Following abilities make MSuite a better facilitator of automation across the mortgage ecosystem -
The existing regulation presents an obstacle, preventing evolution to a digital mortgage system from the current one based on scanned documents. However, MSuite is designed to break the status quo by supporting the present and future needs.
In case you were wondering, the 'M' in the MSuite is an acronym for Mortgage. Under this panache, are modular solutions to tackle specific and overarching challenges. This is why we call it a 'Suite' because it's a cluster of solutions strung together as a package.
Here are 5 key modules of MSuite -
The connector module pulls the input from several sources into MSuite. The sources include -
API Integration - MSuite interfaces with the LOS, 3rd party vendors, service systems, and few other systems (internal or external) to draw in transactional data
SFTP - MSuite tracks live folders in SFTP and control the input drawn from multiple sources
Emails - MSuite draws email data too if needed. Any transactional data within the body of the email might cause the MSuite to spring into action and talk to other systems in the network. For instance, if an email is generated during the upload of the new document to the LOS/Servicing system, the MSuite follows up on the pending transaction.
Direct Uploads - Uploading unprocessed transactions will need a UI that MSuite provides. In a nutshell, there are no bounds to MSuite's capability in processing transactions.
Ensuring document quality is the core focus of the indexing engine. The system can recognize over 350 document types in various formats. The combined capability of ML, ICR, and Computer Vision is what drives MSuite to be a better document classifier with scan quality hovering at 150 DPI. This was the case with images shot on a mobile phone. However, our MSuite management solution is always a mile ahead because it's capable of sustaining over 95% accuracy even within the automated workflow. To sum up, MSuite boasts of the most powerful indexing engine that is relevant to today's standards.
Be it lenders or mortgage servicers, data points drawn from scanned documents are constantly needed. Information such as income, closing docs, assets, insurance docs, collateral, etc., are sought after in digitized form. As the nature of data makes it critical for decision making and serving as a threshold to take actions on Loan files, accuracy couldn't be compromised. This is to avoid unwanted delays and complications stemming from erroneous values contaminating the system during origination. From tests, we've concluded that MSuite is 98% accurate with the ability to handle exceptions in data points with an OCR accuracy score of less than 90%. MSuite also facilitates the collection of digital data points from multiple sources. If digital data points are accepted from digital data, exception handling is seldom needed as accuracy is automatically 100%. The purpose of developing such features is to geared to help the mortgage ecosystem see a digitized transformation.
MSuite is capable of handling complex tasks such as on-the-spot underwriting of mortgages for salaried borrowers and performing income calculations besides performing QA reviews. All that within the construct of loan servicing and origination. The rule engine is a dynamic feature that helps you stay abreast of complex rules. It is highly customized for deployment to cover the specific scope of work. One key benefit of using MSuite is the ability to adapt to evolving business needs and regulatory policies. Today, the MSuite is automated for an array of tasks that includes file reviews and underwriting specific borrower's loans.
When several parameters are involved, reporting becomes instrumental to keep a tab on performance. With MSuite, it's easier to extract reports and trend charts through automation. We make standard and custom report available based on critical and specific business needs. MSuite enables reporting on nearly all data points retained in the system.
Here is a complete deconstruction of how we implement the MSuite for mortgage lenders without sophisticated infrastructure or cost constraints -
MSuite brings lenders the ability to index 10M+ loan documents per month. It makes the workflow smarter and efficient than manually retrieving and indexing the loan data
Our MSuite tool sends notifications automatically if there are fallacies in the submitted records. The system can service over 12000 loan packages a month
Mortgage Servicing Rights (MSR) audits are time-consuming if done as any ordinary task in the roster. The MSuite ensures accuracy and speed while auditing and enhances the reporting quality
The MSuite tool is OCR-based and it reviews the income, asset, and credit liabilities of the borrowers by speedily processing up to 5000 loans a month
MSuite also helps clients who want QA review for lenders by reviewing over 50000 loans a month
Today, most technology incubators build solutions to showcase as the market disruptor. In doing so, some of them get it right while a vast majority workaround hypothetical assumptions only to miss their mark. With the experience of serving 100+ lenders and loan servicers, in the last 18 years, Flatworld Solutions has used the knowledge gained from within and outside of the industry to go further than any other providers to build a successful tool.
Therefore, our MSuite management solution is the result of what we already know and will be tomorrow. From an analytics standpoint, we have conceived a perfect product that will be the truest disruption the market has asked for. Our tool development shaped from real data brought in through deep-dive research and has become the proven implementation for generic and specific tasks.
Powering the MSuite are capable technologies that have set reliability records for decades. Throughout the development, we intended the MSuite to be platform-agnostic in terms of OCR engine, supporting platform, and integration feasibility with BI tools. Today, MSuite is a junction where technologies converge to bring the ultimate disruption the industry needed. MSuite is comprised of the following technologies -
Our automation strategy is geared to transform your Mortgage workflow from scratch where the automation ensures the measurable change in efficiency level throughout the implementation. Being powered by Machine Language, the algorithm optimizes the system with every encounter to improve efficiency. Here is a comparison of how MSuite fares against competing products -
Between 2 to 4 weeks
100% success in days
Low IT bandwidth dependence
Here's a basic outline of the project road map -
Following client meetings, the project will commence after a contract is signed
In a process that takes 5 to 15 days, FWS will implement and test the live environment for the project
We access the LOS test environment and map test files to collect feedback and make relevant changes to the output. This usually lasts between 3 to 4 days
Feedbacks are drawn from the onsite team and modifications are performed against the feedback
MSuite is configured to pull files for processing in a live environment and online teams are notified
Technology and automation are the drivers of modern strategies across mortgage organizations. Therefore, it's crucial to count on sound data to make decisions rather than assumptions pulled out of thin air. Before taking the automation path, it's important to be aware that automation is not the go-to solution for every type of business and every task on the roster. Careful consideration and forethought are a must to know if automation is justified and how it would have an overall impact on your business in the future.
In ideal circumstances, the success of MSuite follows three tenets (faster turnaround, better accuracy, and cost reduction). If your objective is to absorb at least one of these benefits, then automation would make a great choice. But if you want all three benefits and more so in a scalable package, then MSuite is for you.
Here's a measure of what awaits you when you adopt MSuite as part of your loan processing cycle -
Automation is more than a buzzword; it's the reality of tomorrow and a solution for making the mortgage landscape seamless and well-managed. Early adopters who've automated have shared their opinion that it's a work in progress and that there was room to improve. This is where Flatworld Solutions used its mortgage software expertise and years of understanding the automation to build a dynamic automation tool called MSuite. In the hands of lenders, it made origination simpler than before and moved on to dominate its ability to automate data extraction, indexing, debt monitoring, data validation, and upfront underwriting. The MSuite we developed for mortgagee professionals is now ruling the roost. So if you want to take advantage of the best automation can offer to your business, talk to us today.
Contact us today and we'll help you adopt the MSuite ways to make your workflow butter smooth and efficient.