Lenders Accelerate Issuing High-Quality Loans!

The Mortgage Loan Process seems to move at a snail's pace to an anxious home buyer. Or slower, if that's possible! And in today's fast-moving market, lenders aren't too happy with the old process of issuing loans either. What can be done to speed up the Loan Origination Process? For many processers, it's already being done! Mortgage Process Automation. Using cloud computing, automation, and AI integration reduces the delivery time with various computer processes called Data Extraction. But are there more efficiencies to be had? Let's look at what is currently available, just to see if your processing operation is using all the options.

• Automated Data Extraction (ADE) From the very beginning of the process, it is critical that documents received by lenders are complete and accurate. Does the prospective buyer qualify? Automation can complete applications, analyzing data with accuracy, reliability, and speed, thus delivering a decision quicker with more accuracy.
• Automated Document Recognition (ADR) This part of the process can handle a broad range of document types using Machine Learning. This solution can also help identify missing documents, data conflicts, and errors, allowing greater speed with greater accuracy. And since Machine Learning is learning, the speed will increase as the machine learns more about the process!
• Digital Documentation Throw away the paper? Well, not quite, but the industry is getting there! The total digital loan is becoming more and more the norm in the states that have authorized it. And while many states are still considering allowing digital documentation, it is not yet pervasive nationwide.

Precisely What Is Data Extraction Software?

This goes beyond Optical Character Recognition. The software is sophisticated enough to scan a filled-in form and recover the information needed. If information is missing, the program will request what it needs to complete the process. And as mentioned earlier, one of the advantages of machine learning is that the software learns as it processes, so that a problem that got kicked back to a human supervisor the first time won't a second time.

Remember that the competition is looking for ways to improve both speed and accuracy in their loan processing so that any advantage can be a game-saver. Speed in this still hot market will mean the difference between a growing mortgage loan processing enterprise and a floundering one.

As the different loan documents are entered into your system, a cognitive AI should have the ability to:

• Perform automatic input, classification, and delivery of the different documents required.
• Update specific documents by inserting the borrower's information.
• Automatically create folders in the LOS for these new classified document types

Data comparison allows rapid assessment of submitted forms and applications, ensuring that everything presented in the loan process is in agreement. And it does this in the blink of an eye compared to human processed paperwork. Its accuracy is also superior.

This same skill set is also used to keep track of both loan portfolio risk and analysis of borrower credit risk, again at superhuman speed and with machine accuracy.

All of the AI and Machine Learning elements in Mortgage Loan Processing contribute to enhancing the experience for both lenders and borrowers. From around-the-clock support to integrating customer data into a central database to the automation of loan fulfillment and servicing, Mortgage Loan Automation just makes life easier in these trying times.

Lenders Accelerate Issuing High-Quality Loans! Speed Wins!

In many a contest, the fastest contestant wins the day. This is no less true in the Mortgage Lending Race. Being the fastest also attracts fans, what we call new customers. End-to-end Intelligent Automation Platforms (IAP) will win whenever racing human-driven processing methods. And what does being fast really get you? How about the ability to process more loans in any given time period, which translates into more revenue in any given time period, which… do you see where we're going with this?

Intelligent Automation Platforms Are Taking The Mortgage Loan Process By Storm.

By now, we might have succeeded in explaining enough about AI and how it fits so well with the Mortgage Loan Process for you to start thinking about dipping your toe in those waters. One final suggestion: before shelling out the big dollars to acquire all the expensive hardware and software, think about a partner. Consider a Mortgage Process Outsourcing (MPO) firm that can not only supply the gear and the people to operate it, but they can start working for you tomorrow. They have the experience, the trained operators, the IT support, and maybe best of all, the price point to make it worth your while!