By now you probably have heard about how RPA is transforming the mortgage industry. But have you taken the time to see how using RPA (Robotic Process Automation or bots) could transform your mortgage operations?
If you are like a majority of the people I talk to about bots, you may have outdated information or misconceptions about bots that have stopped you from seriously considering adding a virtual workforce to your mortgage operation. Some of the things I hear are:
- Bots are too expensive
- It takes a long time to develop and deploy bots
- Our technology team is so busy they couldn’t take on bots at this time
- We don’t have inhouse technology support, who is going to design and deploy bots for us
Let’s take a quick look at what is Robotic Process Automation
The easy way to explain RPA is a bot can mimic the keystrokes humans perform. The bot is programmed to perform the same manual tasks and routines that a human does at a much faster pace with a far lower error rate, near zero. Adding a little logic to the program will allow bots to react to the processes it completes or fails to complete.
In the past bots have been expensive to develop and deploy. Like everything technology related, over time the costs have come down while the capabilities have improved. One of the latest RPA advancements we have taken advantage of is a rapid RPA development platform designed specifically for the mortgage industry. Using this latest technology, RPA bots can be developed for a fraction of the cost and deployed in weeks rather than months.
It’s an understatement to say the mortgage industry is driven by technology. For IT departments the task lists are long and never ending. An issue many lenders have is getting RPA on their IT development list. Seeing this problem with so many of our clients, we knew we had to have a way to manage the entire RPA process so at the end of the day an RPA virtual workforce could be delivered with the least amount of impact on the IT department. Plus, the ongoing maintenance had to be managed to further reduce the impact to our client’s IT departments.
RPA is emerging as a key driving force in impacting the mortgage industry. A truly process-driven industry, RPA automates routine processes resulting in improved efficiencies and accuracy, reduced costs and improved turn times. As much as 85% of the process from initiating a new loan, processing, underwriting, document prep, funding, shipping and servicing can be automated. With the scale of efficiencies, whether loan volume is up or down, lenders taking advantage of this technology have many options to remove barriers, lower costs and grow their business.
We currently have 28 RPA processes for MeridianLink Mortgage, Encompass, and other LOS systems, that replace most of the standard manual workflows encounter during the loan process. For more information or to schedule a meeting with one of our RPA team members, visit our website at www.oncyberlink.com/mortgage-automation.