Technology is advancing in nearly every field and profession. The mortgage industry is no exception. Mortgage robotic process automation is one way that digital technology is improving the financial industry, and specifically, RPA mortgage underwriting.
What is Mortgage Robotic Process Automation?
Mortgage RPA is robotic software that assists in mortgage underwriting, loan servicing, and other financial services. RPA, along with artificial intelligence (AI), can improve how to underwrite risk exposure. RPA brings together artificial intelligence and pattern recognition to analyze and organize large amounts of data. A loan processor can now automate much of the mortgage loan process with the help of machine learning while reducing human intervention; this saves time and reduces human error.
For example, RPA can discern from Bob and Mary’s paperwork in real-time that they are nearing retirement and tag them for the bank’s retirement savings programs. RPA tools can help facilitate the process of getting customers into the marketing funnel of various programs. Underwriters incur a large workflow when reviewing a loan application and must ensure that the mortgage process runs smoothly. The current system of loan processing is laborious.
The process of loan origination includes organizing and maintaining an enormous amount of information about the borrower, the type of loan, and the property. The loan processor enters all this into the lender’s loan origination system. All of this information must go through an auditing and verification process.
Why is RPA Mortgage Underwriting Important?
The mortgage process is often time-consuming and complex. Employment verifications, credit checks, and insurance statements are just a few examples of the paperwork that needs processing. A robotic process can help save time and ensure all steps are correct. Data entry of information is often a tedious task when using manual processes and mistakes sometimes occur.
RPA solutions can increase turnaround time and improve the entire underwriting process. Software robots can complete the mortgage application more quickly than loan officers while reducing human errors and improving customer experience. They can also aid in fraud detection, help meet all regulatory compliance requirements, and increase operational efficiency for the mortgage company. Chatbots and artificial intelligence are increasingly providing an automation solution for financial institutions.
In simplest terms, RPA systems execute routine tasks without needing human intervention. It automates various business processes and improves workflow with artificial intelligence. It also can identify errors and exceptions in the process that are normally tedious and time-consuming.
How Can Capacity Help?
At Capacity, technology professionals provide a support automation platform with AI-powered support that can connect an entire tech stack. This enables companies to build solutions and automate repetitive tasks to improve business processes such as indexing, validation, and notification strategies.
Service providers need to streamline the process for both borrowers and mortgage lenders. The mortgage industry, and specifically, the mortgage loan process, can become more efficient when Capacity is providing tools to automate everything from mortgage processing to mortgage lending in one platform. This can improve the entire RPA mortgage underwriting process even during the pandemic.