In the fast-paced and ever-changing mortgage industry, lenders need to adapt quickly to challenges. It is clear that mortgage lending with Robotic Process Automation (RPA) is becoming a trusted tool to help mortgage lenders.
Three interesting facts to think about:
- A mortgage loan process can take over 45 days to complete.
- Employees spend up to 25% of their time on repetitive tasks.
- 80% of finance leaders have either implemented or are planning to implement Robotic Process Automation.
You might be asking yourself, “What is Robotic Process Automation?”
Robotic Process Automation is a software technology that utilizes robots to emulate human actions. RPA helps streamline workflows by automating workflow-driven repetitive tasks. By utilizing robots, tasks are automated to run 24 hours a day, 7 days a week and 365 days a year.
By implementing RPA into your organization, you will find:
- Over 85% of the process of ordering services (e.g. ordering appraisals, credit, flood, work number, etc.) can be automated with RPA.
- RPA solutions can pull data from multiple sources and post the information into your LOS.
- RPA solutions lower the average time needed to process a loan by up to 30%.
- RPA implementation leads to higher data accuracy by reducing human error.
- RPA solutions allow employees to devote their time on value generation and customer satisfaction.
- You won’t need to upgrade or replace any existing applications or software to use RPA solutions.
With a 20% adoption rate in 2021, more and more mortgage lenders are seeing the benefits of RPA. Thus, mortgage lending with RPA is here to stay. Are you ready to take advantage of RPA to help your company increase efficiency, accuracy and improve your bottom line?