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Myths About Mortgage Automation Software and Why They’re Not True

The mortgage industry is ever-changing. A recent change is the boom of loan servicing software that uses artificial intelligence (AI) and robotic process automation (RPA) to close loans faster. Although many financial institutions are using automation to fulfill their business needs, some myths persist.

In this article, we will examine these myths and discuss the benefits of mortgage software.

What are the myths about automation?

Here is a list of myths about mortgage automation software:

Myth #1 — “It’s expensive.”

Digital transformation has a great ROI when you consider the time saved and other tasks lenders focus on. The reality is that, without mortgage automation software, loan officers spend a significant amount of time manually entering mortgage information. They also spend time on activities such as calling or emailing borrowers to gather missing mortgage information and contacting colleagues to ask if tasks have been completed.

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An automated platform like Capacity takes the manual processes involved in completing a loan application and streamlines them in an easy-to-use platform.

Capacity takes over the task of contacting borrowers to ask for their documents. It can also answer more than 80% of consumer questions 24/7 and refer more complex questions to the right human agent.

It also prompts lenders to complete tasks at the appropriate time. Features like intelligent document processing eliminate time-consuming manual data entry.

The platform keeps mortgage lenders up-to-date by providing real-time access to mortgage data. Loan officers can tap into their organization’s knowledge bases and key systems like Ellie Mae and Encompass using a conversational chatbot. They can use natural language like, “Show me all the loans that have closed in the last 30 days.”

With Capacity, lenders can close loans faster and with greater efficiency. Teams are freed up to spend time on activities that generate more revenue, such as marketing and building relationships with buyers.

Myth #2 — “It takes a long time to get up and running.”

With Capacity, loan originators can go live as soon as 30 days. In addition, Capacity’s support team makes the transition seamless. We collate the knowledge that exists across a business and makes it accessible at the click of a button. We also train team members to act as co-pilots which are humans-in-the-loop for when questions need to be escalated. These co-pilots steer the platform and assist it in learning on the job, so it continues to get better over time.

Myth #3 — “It’s not safe to store mortgage data.”

Mortgage automation software has robust encryption with many different permission levels. That means that mortgage data is not shared between unauthorized entities. When a loan officer logs in, the platform only shows them mortgage data they have permission to view or edit.

Another advantage of mortgage automation software is that it resides in the cloud, which means lenders can access mortgage data from anywhere using any device. That saves a lot of time and creates efficiency for mortgage lenders with teams scattered across different locations. Mortgage technology enables mortgage agents to get mortgage data when they need it, wherever they are.

Using cloud storage solutions means that data is not vulnerable to the same threats as paper documents. If there is a flood, fire, or another natural disaster, borrower information will be safe.

Myth #4 — “Mortgage lenders can lose control of the process.”

In reality, mortgage lenders get more control over their workflows by using mortgage automation software. Team members can easily see the status of a loan, and data analysis capabilities allow organizations to identify trends and common obstacles in loan fulfillment. They can also automate borrower satisfaction surveys to give them more information about what buyers want.

Automation software also makes it easier for lenders to comply with complex mortgage regulations. The software creates new workflows when requirements change and automate mortgage data extraction from the source systems to meet reporting needs by regulators or stakeholders as Fannie Mae and Freddie Mac.

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Capacity makes it possible to create an exceptional loan origination process that makes it easier for borrowers and lenders. The platform increases operational efficiency and productivity while reducing risk and increasing borrower satisfaction.

It’s the mortgage technology platform that mortgage lenders need to make automation work for them to put an end to paper-based processes.

With Capacity, mortgage brokers have an easy way to capture mortgage information in a single system. They know that all loan data is safe and always accessible when they need it. This helps mortgage agents close loans faster, so they don’t have to spend as much time on data entry.

It’s time for mortgage lenders to dispel the myths about mortgage automation software and try Capacity on for size. The platform will help them grow their business while improving borrower experience and job satisfaction for their employees.

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