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Debunking the Financial Impact of a Mortgage Automation Platform

by | Jun 8, 2021

Many mortgage lenders have a tough time managing their loan origination process. They spend hours manually processing information, which can sometimes lead to costly mistakes. This is one of the reasons why mortgage automation platforms are beneficial. A mortgage support automation platform like Capacity streamlines the entire loan origination process and eliminates errors from manual data entry. 

This blog post discusses how a mortgage automation platform can help you close more loans faster and increase your profitability.

What can a mortgage automation platform do?

A mortgage support automation platform has many benefits; however, its main goal is to streamline the origination process for the originator and borrower.  Loan officers spend a lot of time accessing internal information from  Loan Origination Systems (LOS). With a mortgage automation platform, originators can ask the platform to display information about a particular loan in natural language like, “show the Peterson loan.” The platform will connect to the LOS and pull up information like the property address, the status of the loan, and the estimated closing date.  Originators can also ask the platform to collate information, like which loans closed last month, and the platform will instantly reply with the results. The same goes for questions about income limits or other regulatory guidelines.

A mortgage automation platform can also help lenders: 

  • Answer common mortgage questions from borrowers or prospects via a chatbot. Capacity enables companies to white-label our bot, so these interactions can be branded to suit company brand colors and personalities.
  • Pull information about potential leads from apps like Salesforce. Capacity integrates with mission-critical apps to avoid the constant toggling between systems. 
  • Automate repetitive tasks that bog down team members. For example, Capacity’s mortgage automation platform can put together and send emails, documents, and reminders.
  • Learn and improve from every interaction. A simple thumbs down, thumbs up feature allows users to provide feedback to the platform. The platform also stores company information in a knowledge base that is easy to access and update.
  • Collect and manage information, so it’s not lost in spreadsheets or emails.
  • Pre-fill and analyze forms to save the lender time and resources.
  • Alert loan officers to loan issues so that they can take action to mitigate issues or problems.

How can a mortgage automation platform help you close more loans faster?

As we’ve covered, a mortgage automation platform can dramatically decrease a loan officer’s workload. It can also guide borrowers through the complicated process of getting their questions answered and preparing documents.

Mortgage closing or settlement, for example, can involve a great deal of paperwork prone to human error on both sides. AI and automation can help to detect mistakes while pre-filling forms to speed up the process. And that’s just one bonus. Automating your loan process comes with many benefits. 

Check out 10 reasons to automate your loan processes

Myths about mortgage automation platforms.

Some mortgage lenders may be hesitant to invest in a mortgage automation platform because they fear it will impact their bottom line. This is not the case, and investing in tech can actually increase profits by freeing up staff time for more profitable activities like meeting with clients or improving customer experience.

Other lenders might be worried that their business is too small to make use of an automated platform. However, mortgage automation is a wise choice for any mortgage lender, regardless of size. The technology can be scaled to any size business, and there are many benefits, including increased productivity, improved customer service, and reduced error rates.

And finally, some mortgage lenders might worry that an automated system might not provide the same one-on-one experience as humans. One of the most popular myths about automation is that it removes humans from the process. The opposite is true. Automated platforms actually give mortgage lenders the ability to have a more personalized, one-on-one experience with their customers because they are less bogged down with paperwork.

Investment in mortgage automation platforms boosts profits.

A mortgage automation platform enables lenders to free up their teams from frontline reporting and spend more time on higher-value tasks that provide greater ROI, like developing borrower relationships. As the platform enables mortgage lenders to be more efficient, it also helps lenders improve borrower experience and satisfaction, creating more opportunities for repeat business and word-of-mouth recommendations.

What could a mortgage automation platform do for your business?

The reality is that loan originators are drowning in paperwork.

At the same time, it’s no secret that AI-powered technologies are doing more and more of the tasks that slow down human workers. 

A mortgage automation platform like Capacity helps teams do their best work. By automating the majority of administrative tasks and streamlining the process of gathering, reviewing, and verifying documents, Capacity empowers team members to focus on higher-value work, such as building relationships with borrowers.

You and your team deserve better than spending hours every day filling out forms and chasing down information from borrowers. With Capacity, the monotonous administrative tasks get done automatically.