rpa for mortgage companies

Modernize With RPA

From loan origination to servicing to foreclosure, and more, mortgage processes can be time-consuming, tedious, and remain largely unchanged from decades past. Create a point of difference with Robotic Process Automation that brings your mortgage business into the 21st century.

rpa in the mortgage industry

For a Better Experience

Whether you’re a mortgage lender, banker, credit union, or title company, Neostella is a leader in developing solutions for many companies large to small. Whether you choose to start your RPA journey with a single process or are ready to jump in on a larger scale, Neostella is ready to design solutions that will make the mortgage process less stressful for everyone involved. LEARN MORE→

Read one mortgage lender’s success story working with Neostella.

  • Lenders

    With RPA, less manual work means fewer errors, so you can close loans faster, resulting in more time for new business.

  • Applicants

    A mortgage process simplified with RPA means less stress, on-time closings and happy customers. Hello, referrals!

rpa use cases in the mortgage industry

RPA Makes More Time for New Business

Each process within the mortgage industry involves a high volume of paper forms and manually extracting and inputting data. As one of the few UiPath Certified Partners with full Document Understanding certification and project experience, Neostella can help speed up these tedious data-heavy processes by automatically extracting, organizing, and transferring large chunks of data. What’s more, we’ve built a library of data management solutions that we can draw from to customize solutions quickly and cost effectively for you. Whether you choose to start small or dive headfirst into RPA on an enterprise-wide scale, Neostella can help you transform your mortgage business for immediate wins.

  • closing disclosures
  • Service Ordering
  • Data Extraction
  • investor stipulations
  • The Challenge​

    The process of obtaining, processing and closing mortgage loans can be time-consuming and tedious, and in some cases these processes haven’t changed in decades. Neostella can provide your business with solutions designed to make your mortgage services faster, more accurate, and less stressful for everyone involved.

    • Make the closing and disclosure process less labor-intensive.
    • Reduce the manual effort required to copy and paste data.
    • Automate file sharing among offices.

    The Solution ​

    • Design an internal digital process inline with company growth objectives.
    • Create UiPath bots that automate manual tasks, freeing up employee time for more complex, valuable work.
    • Use Optical Character Recognition (OCR) software and data scraping PDFs.

    The Results

    From validating and processing an initial disclosure package to loan inquiries, setup, and more, automating your closing disclosure processes with RPA will result in:

    • Improved worker experience through the elimination of redundant closing disclosure processes
    • Increase in application processing speed due to process automation, resulting in greater customer satisfaction and ROI
    • Boosted accuracy in processing lending applications, backorders, orders en route, and other logistics metrics that evaluate the production process
    • Positive ROI for cost of UiPath implementation
  • The Challenge​

    The ordering of services is a tedious process in the mortgage and banking industry. The volume of orders becomes increasingly time consuming with an uptick in business. This high volume results in missed or forgotten orders, compromised closing dates, and a delay in workflows.

    The Solution​

    Create simple, effective robotic process automations that can order services for you, keeping you on track for timely closings. We can develop automations for the ordering of a wide variety of services based on client needs. Some of the most commonly requested include:

    • Flood certification
    • Credit inquiry
    • Title
    • Disclosures
    • Fraud
    • Appraisal
    • Verification of employment
    • Income Documents

    The Results

    Automating your service ordering process with RPA will:

    • Improve employee experience by eliminating tedious processes
    • Expedite the service ordering process through RPA for a timely experience for both customer and vendor, resulting in greater customer satisfaction and ROI
    • Increase accuracy in processing service orders by using UiPath bots to order for you, removing human error
    • Even after UiPath implementation costs, you will see a positive ROI
  • The Challenge​

    Mortgage, banking, and title processes are all synonymous with data extraction. More specifically, highly accurate data extraction and input is instrumental to a successful mortgage closing process. Unfortunately, this process can cost your company time and can be detrimental if the data is extracted incorrectly. We want to:

    • Reduce the amount of manual data entry time needed to process the many documents included in a loan packet while ensuring accuracy
    • Maintain data integrity
    • Eliminate redundant interactions between loan processors, customers, and decision makers

    The Solution​

    Neostella will work with you to implement RPA mortgage solutions that can extract and manage data from all of the forms within a loan packet, creating an integrated UiPath product set that can:

    • Collect and extract data from multiple sources
    • Classify and store data in a normalized format without the need for manual typing
    • Use data from manual forms to fill out claims in LoanSphere
    • Input data to loan origination systems such as Encompass, Point and Byte while maintaining data integrity

    The Result ​

    Data extraction automation through RPA for the mortgage industry will result in:

    • A faster application processing speed, resulting in increased customer satisfaction and improved ROI
    • A substantial decrease in manual labor time on tedious tasks
    • Greater capacity to process applications
    • Normalize the monthly peaks and valleys of volume that are common in the mortgage industry

  • The Challenge

    For many lenders, completing investor stipulations in a timely manner to ensure an available line of credit for new business is an inefficient human process of:

    • Logging into multiple investor sites
    • Manually searching for stipulations by loan number
    • Downloading back into the loan origination system for correction
    • Resubmitting to the investor site

    The Solution

    Implement a pre-built UiPath bot to work for you. This highly intuitive investor stipulation scraping robot (that is supported by 15 major investor sites) can:

    • Log in to investor sites
    • Look up loans by number for stipulations
    • Validate that the correct loan(s) have been downloaded/extracted
    • Input stipulations back into loan origination system

    The Result

    Robotic Process Automation in the mortgage industry speeds up the amount of time required for post-closing secondary market sales by 60-70% with:

    • Significant reduction in employee time spent checking for stipulations
    • Faster response to stipulation times
    • Quicker completion of sale to investor
    • Resources available for new business more quickly