Mortgage Originators across the country are looking for ways to increase efficiency and reduce costs. Many are looking to Robotic Process Automation (RPA) for the solution.
RPA is emerging as a key driving force in technology impacting the mortgage industry. A predominantly process-driven industry, RPA automates routine processes resulting in improved efficiencies and accuracy, reduced costs and improved turn-around times.
Mortgage companies face multiple issues when processing a loan:
- The loan process was very long, taking weeks or even months. Multiple people are involved covering multiple aspects of the process.
- The list of manual workflows is long, which led to multiple mistakes along the way.
- Loan data was not consistent.
Using RPA to automate processes allows companies to process a higher volume of loans in a shorter time. By obtaining higher, accurate data you can provide the customers with a better user experience. Also freeing up your team from doing dull, repetitive tasks, which have the highest error rate, so they can focus on revenue generating activities increased volume for the company.
What are the benefits:
- RPA helps in reducing the average time required to process a loan which leads to lower costs and increased efficiency.
- RPA brings higher data accuracy. The error rate for manual entry can be as high as 30%. Automated data using RPA bots are 99.% accurate.
- By focusing your staff on customer centric activities, your customer experience will improve.
RPA in mortgage assists you in improving the process of loan origination and processing. This is the main reason why more and more mortgage lenders, correspondents and brokers are using modern and advanced Bots. With the scale of efficiencies, the future is bright for companies taking advantage of this technology.