How to Develop a Knowledge Management System for Your Mortgage Company

by | Aug 24, 2021

Mortgage companies are constantly trying to keep up with the latest regulations and answer support questions from borrowers.

Because there’s so much information out there, it can be hard to know how to stay on top of everything. New rules and laws are coming out every day. How do lenders make sure team members have all the knowledge they need? How do they ensure compliance? What if a borrower asks about something that isn’t in the FAQs?

A sound knowledge management system will help solve this problem. With an effective knowledge management system, teams can easily find answers to their questions without having to wait for someone else or carry out extensive internet searches.

For mortgage companies thinking about how to develop knowledge management system technology, there is good news. The increased ability of artificial intelligence (AI) and machine learning (ML) means that knowledge management systems are better than ever.

Automated support platforms like Capacity base their processes on how lenders and borrowers interact with each other. AI makes it possible to automate how the system categorizes questions, answers, and documents in a way that a mere mortal couldn’t.

Read on to find out how a knowledge management system powered by an intelligent platform like Capacity can help mortgage companies scale and grow. 

It creates a centralized learning platform.

Experienced and new loan officers spend far too much time switching between different apps, websites, and even physical documents looking for the answers they need. This is a problem, especially for new lenders, who may not have the experience to find information on their own.

To solve this problem, Capacity moves all organizational information, including tacit knowledge, into one central location that is easy to search. New physical documents can be added to the knowledge management system in one click. Capacity will scan them using Optical Character Recognition (OCR) so that the information is instantly available.

As the knowledge management system is stored securely in the cloud, lenders can even access Capacity from their cell phones or anywhere they have internet access.

What makes Capacity an even better option for mortgage companies is its chatbot functionality. Once all your information is organized into a knowledge management system, Capacity makes it easily accessible with a chatbot that uses Natural Language Processing (NLP). 

Every time a loan officer has a question, whether it’s about compliance, handling a support request, or something else, they can retrieve information from Capacity’s knowledge base in seconds by conversationally asking Capacity. 

Changes like this help lenders increase their staff retention rates and ensure their agents work at peak performance levels.

It improves the borrower experience.

How do lenders ensure that every borrower is getting the help they need?

Many mortgage companies have extensive FAQs on their websites, but these pages can quickly become outdated. Capacity empowers lenders to update frequently asked questions and how-to guides with ease so that borrowers don’t become frustrated with out-of-date information. 

As well as using Capacity’s chatbot functionality to provide lenders with access to the organization’s knowledge management system, the company can also implement a chatbot on their website. This allows borrowers to ask questions conversationally and instantly get answers 24 hours a day. 

While it’s incredibly time-consuming for human lenders to validate social security numbers or determine whether borrowers qualify for certain loans, Capacity can pull information from millions of documents and answer in seconds. 

If Capacity comes across a question that hasn’t been asked before, it refers borrowers to the right person. Machine learning (ML) also helps lenders understand if their answers are effective, or if they could be improved.

It boosts productivity and profitability.

When the knowledge management system has been created and is accessible via Capacity’s chatbot functionality, this saves lenders time in two ways.

As we’ve covered above, they spend less time looking for the answers to their questions. 

It also frees them from answering repetitive borrower questions. 

Lenders can then spend more time on higher-value, more rewarding tasks such as developing relationships with borrowers and marketing their services. 

Because Capacity takes over so many repetitive tasks, it also streamlines the complicated process of closing a loan. This means that lenders close more loans in less time, and increase their profitability. 

It boosts compliance and reduces discrimination.

Capacity’s intelligent knowledge management system boosts compliance. This is because lenders who do not have all the relevant information at hand can inadvertently break regulations, leaving mortgage companies liable for any fines. 

Also, with Capacity, lenders can easily make responses to loan applications uniform and based on hard data not conscious or unconscious biases. This is particularly useful to prevent discriminatory practices and ensure members of minority communities have equal access to loan services.

Let Capacity help you build an AI-powered knowledge management system.

Instead of paying to compile expensive how-to guides that are quickly outdated, lenders can harness the power of machine learning and build a knowledge management system that updates itself. 

Capacity is user-friendly, empowering even technologically-challenged lenders and borrowers to operate it via self-service.