How RPA Makes Waves in Mortgage Lending

Banking CIO Outlook | Tuesday, September 15, 2020

Mortgage lenders, seeking the highest value and ROI, are increasingly embracing robotics. 

FREMONT, CA: Mortgage lenders conduct business amid relentless operational and regulatory changes. Many of them continue to rely on complex legacy systems, multiple databases, and manual processes. This dependency on human labor to perform repeatable, simple processes gives way to increased cost and delay in operations. An RPA solution, especially for the mortgage industry, maybe the answer to handling the entire process of lending.

RPA can collaborate with a mortgage lender's existing loan origination systems or conventional technology and can guide through the user interface of an application in the way a human would. RPA reproduces human decision-making and data entry and controls applications through the existing commands of legacy systems. RPA works best when underlying processes are rule-based, and suits the tasks that are redundant and frequent. Therefore, mortgage lenders realize that it can have a significant impact on operations such as loan origination, processing, servicing, and quality control and assurance.

Top Lending Management Solution CompaniesRPA quickly scales up or down to adjust with seasonal peaks or unexpected market downturns. Processing the vast set of documents in the loan initiation process can take a longer duration, and it depends on the speed and accuracy of the employees, the approval process, seasonal pressures, and sometimes the weather. Fortunately, RPA not only increases productivity and accuracy but also drives time-efficiency as well. RPA simply follows the established rules and flags exceptions for humans to carry out further evaluation.

In the mortgage space, operations that are well suited for RPA include quality loan package review, quality control, quality assurance, verifications, pre-purchase evaluation, and financial comparisons. Once apt processes are identified, the software developers can leverage the expertise of existing process teams to write the implementation rules, test, and set the robots into action. This can ensure success essentially.

See also: Top Robotics Solution Companies

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