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Using Capacity to Automate and Accelerate Loan Servicing

by | Nov 30, 2020

Mortgage companies use Capacity to automate loan origination by generating leads and answering borrower FAQs.  But, did you know that mortgage companies also use Capacity to automate and accelerate loan servicing? The loan servicing process is complex, which means there are plenty of opportunities for streamlining steps and tasks. 

Accessing documents. 

An average loan will have hundreds of documents changing hands, and those documents will come from all sorts of sources—including loan origination software, documents, handouts that live in your cloud drive, and attachments received via email. Mortgage servicers used to dig through all of these locations to access crucial documents and information. By automating the process and storing documents in an AI-powered knowledge base, the time spent searching for documents or information is greatly reduced.

Loan servicing is a rule-based process that requires a lot of manual steps. Using something as simple as an AI-powered chatbot can give lenders a lift by developing a knowledge base and layering on AI to make better real-time decisions. Capacity can connect to every information source mentioned above with our developer platform and app integrations so that the knowledge you need is always on hand. 

Answering FAQs.

Once the funds are dispersed for the loan, questions still come up and it’s up to the mortgage servicer to handle them. This year resulted in more questions than normal regarding forbearance, loss mitigation, and default management. However, these questions come up in a non-COVID environment as well. By automating questions, mortgage servicers can be prepared for any situation, which also leaves borrowers at ease knowing they can always get instant answers to their important questions regardless of what is happening in the world. 

Adding automation to the process of answering borrowers’ questions help your team provide quality and consistent information, because it eliminates biases, displays more inclusivity, and increases transparency for compliance teams.

Mortgage servicers place Capacity’s web concierge on its website for borrowers to access instant answers to their frequently asked questions. Currently, Capacity can answer more than 84% of all inquiries without human involvement. If Capacity doesn’t know an answer, the question is escalated to the appropriate internal team via a ticket or live chat, and the answer gets added to the Capacity knowledge base.

Locating up-to-date regulations.

Most knowledge bases get old, fast, which requires manual updates and maintenance when it comes to storing regulations and guidelines. And even if all of the regulations and guidelines are updated, it takes a lot of time to search through these documents to find the information that loan servicers need in any instance. The addition of automation not only makes the maintenance of up-to-date information easier, but it also takes the burden out of locating accurate information. 

With the help of state-of-the-art AI, Capacity ensures that the intelligence in your knowledge base always stays fresh. We streamline the manual work for loan servicers by providing human-in-the-loop assistance and verification systems that make it easy to find an accurate and up-to-date regulation. Capacity’s ability to crawl pdf documents and provide answers to questions based on the information in those pdfs also lifts the burden of maintaining data in multiple places. 

Though loan servicing is a long process, it doesn’t have to be filled with tedious tasks. By automating the process, loan servicers can provide a better experience for their borrowers and employees.