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The Financial Impact of Using Support Automation

Lending automation is more than a buzzword in the mortgage industry today. To survive in this new era of low interest rates, high competition from non-traditional lenders and web-based mortgage companies, lenders must invest in mortgage automation software that delivers more than streamlined processes. 

The consistent challenges faced by financial institutions are one reason they’re turning to new technology that helps them overcome these problems. Automation and streamlined processes will allow banks to increase the quality of their loan portfolios while also delivering customer satisfaction in much less time than before. 

Mortgage automation software should build an exceptional customer service experience with support automation. Tasks that are routine and rule-based can be automated with RPA (robotic process automation). When a set of rules is triggered, it automatically triggers an action without needing human intervention. This allows individual processes in the loan origination process to be strung together into one cohesive workflow where machines do all work. At the same time, people manage exceptions or adjustments as needed on behalf of the robots, and they are alerted to the need for human intervention via automation. 

Customer experience.

Financial institutions are increasingly mindful of improving their practices in these areas to enhance efficiency, decision speed, and productivity. A significant factor for financial organizations is customer experience, which affects the way customers interact with the institution and become loyal customers for life.

The opportunity for AI to make a significant impact in the customer experience area comes from utilizing vast amounts of data. This enables relevant improvements that can help people have better experiences with their products or services, which is the exact feature that will make companies stand out from their competition.

Collecting data and pre-filling forms.

More advanced automated loan origination platforms can also receive data feeds that pre-populate customer information fields within the system. These features make it easier for lenders to offer loans quickly and efficiently without having onsite staff members double-check the paperwork, which cuts down operating and labor costs significantly over time because there’s less need for office staff. 

Data authentication.

Automation is a powerful tool for helping finance companies to more accurately assess risk and lending appetite. A credit analyst may find it difficult, if not impossible, without automation assistance in creating accurate financial spreads on which they base all decisions made about customer loans. With accurate data, companies can make loans to customers who are less likely to default.

Credit score verification.

Accuracy is essential in the world of mortgage loans. Unfortunately, time is not on a lender’s side; the ability to quickly and correctly determine a borrower’s creditworthiness is necessary to successfully pre-empt or counteroffers from other lenders or banks. Mortgage automation software removes tedious, repetitive tasks that bog down team members and the approval process. 

For example, Capacity’s mortgage automation platform can put together and send emails, documents, and reminders based on a credit score analysis. Instead of a loan officer reaching out by phone and explaining everything to the borrower, Capacity’s support automation platform can automatically send a list of instructions to borrowers who need to take care of items on their credit report. 

Team empowerment.

It’s easy to find great mortgage professionals in a good labor market. Unfortunately, in today’s tight labor market, everyone from managers and front-line loan officers down through underwriters are understaffed, adding stress to the role before the work even begins. 

Here are a few mortgage automation software platforms that fall into the “must-have” category for team satisfaction, empowerment, and longevity:

  • A mortgage support automation platform that includes a chatbot, can free up a loan officer’s time so they can close more loans and satisfy borrowers.
  • Capacity automates and streamlines the loan process with task-based workflows. Cut out the frustration of managing complex processes.
  • Integrations can expand your workforce without growing headcount. Loan officers and support staff can do more, faster by accessing multiple tools with integrations for CRM’s, support tickets, and project management software.

There are plenty of benefits to providing team empowerment tools. Not only does it make loan officers more likely to stay with your company, but happy loan officers will lead to satisfied customers who are loyal and will give referrals, resulting in a profitable lifetime value customer.

The next step toward automation.

The mortgage industry seems to have it all when it comes to paradoxes. From not wanting anything new or having too much time in hot markets but lack of interest and energy during cold ones, they must overcome these obstacles by leaning into technologies that will generate results where it counts: the profit-and-loss analysis.

The future of AI in the mortgage industry is bright, especially for delivering ROI on the initial investment. As the automation software interacts with your feedback from your loan officers, it will grow and develop over time, creating more algorithms that can deliver exceptional processes to loan officers, customer service to clients, and follow-up services to happy customers for referrals.

Request a demo of Capacity’s mortgage support automation platform today.