Robots In the Mortgage Industry? And what kind of robot could work in the mortgage industry anyway? No, we're not talking about big, mechanical things with two legs and arms and flashing lights for eyes. A robot is an artificially intelligent software suite that can process data, fill out forms, initiate changes, ask for additional information, review and correct any faulty input kind of robot—all a part of the Digital Transformation sweeping the Mortgage Processing Sector in the wake of Covid 19.
Now, from the description above, you may think that we're already using robots. Well, yes and no. When we talk about a robot in this context, we're talking about an autonomous machine that doesn't need continual supervision from a human. Otherwise known as Robotic Process Automation (RPA).
What is RPA? according to the Institute of Robotic Process Automation and Artificial Intelligence, robotic process automation is "the application of technology that allows employees and a company to configure computer software or a robot to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses, and communicating with other digital systems."
Right, a Robot. Let's call it "Robbie" (not very original, but descriptive enough). That annoying little box that pops up on a commercial webpage, the "chatbox," is a robot, and it's just one way that robots are already working in the mortgage industry. But Robbie can do so much more.
Robbie can assign other bots to different tasks, and these bots are easy to build, deploy, and manage. And it can help the Mortgage Lenders reduce staffing costs, make the workflow faster, with fewer errors, increase customer satisfaction and engagement, and can be easily and quickly reassigned to another task.
What Kind Of Work Robots Do?
- Handle All of The Loan Origination Tasks
- Start And Complete the Loan Processing
- Ensure The Data Used Is Correct
- Decrease The Processing Turnaround
- Implement More Accurate Reporting
- Verify All of The Prefunding Data
- Handle The Credit, Title, Flood, Assessment Docs
- Oversee The Human Input, Reducing Errors
- Do The Applicant's Background Checks
- Do The Financial Checks
- Flag Any Discrepancies for Human Review
- Limit Lender Risk with My Accuracy And Efficiency
In other words, assume many of the functions of your human staff, freeing them up to get on with the business of selling mortgages.
- Provide A Better Customer Experience
- Produce A Higher Degree Of Accuracy In All Phases Of The Process
- Offer Better Fraud Prevention
- Provide Predictable Workflow
- Deliver Higher Productivity
Without being told to, Robbie will:
Do a Mortgage Fraud Check – Fraud is a real problem for lenders. Even if it's uncovered before any money has changed hands, it delays the sale, wastes a lot of time and energy, and deflects other potential buyers since they think the property has been successfully sold.
Enhance Borrower's Engagement – because it makes things so much more efficient and much, much quicker. Besides the pervasive expectation that all transactions are done with the speed of Amazon, that's just not the case. RPA moves things along faster.
Healthy Business Relations - Since lenders deal with a multitude of vendors during the course of a sale, a quicker and more transparent method of moving the mortgage loan process forward will only help everyone
Vendor Billing Reconciliation - As noted before, RPA makes the communications between vendors move at warp speed. It will automatically respond to email inquiries and receive and respond to alerts and other notifications. RPA can also replace human-powered reconciliation.
Top Benefits Of Robotic Process Automation
The good news just keeps on coming! Robbie is a giving kind of robot.
Supersizes Productivity and Accuracy – being a robot and given the correct information, Robbie will deliver fault-free results time after time. And deliver those results five times faster, 24/7.
Improves the Customer Experience – with accurate results delivered quickly, your human staff can concentrate on talking to and helping your human customers.
Return on Investment – as soon as you complete the migration to RPA, you'll start to see increases in all of the metrics you know and love. Operating costs will take a nosedive, speed bumps up, mistakes disappear.
Continual Improvement – RPA can continue learning and expanding skills without any downtime. No seminars or meetings, no conferencing, no new hardware.
Resource Deployment – RPA doesn't forget or ignore your existing resources. It makes sure that you have, and use, all of the tools you need to do the tasks at hand.
Outsource Your Operation!
We've highlighted the advantages of Robotic Process Automation, but there's another, very visible and important reason to migrate to it. Your competition is. Let's face it, and everyone is looking for an advantage. RPA is a huge one.
And while you're investigating those advantages, keep in mind that you don't have to make this Investment all at once. In fact, you don't have to do the research to make it work for you.
How about a turnkey operation that's yours for the asking? Outsource it! Outsourcing can give you all the tools you need at a fraction of the cost of buying everything yourself.
Outsourcing your Mortgage Processing will yield enhanced Data Security, Mortgage Appraisal, Mortgage Loan Processing, Mortgage Underwriting Services, Growing RPA Services, Short Turnaround Time, VA Loan Support Services, Mortgage Loan Quality and Retention Support, An Experienced Team, Cost-Effective, and Clients routinely save up to 40%!
MAKE THE CALL TODAY!
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