Prebuilt Mortgage & Title Automations

95 percent of respondents to the Kofax’s Intelligent Automation Benchmark believe that manual processes are the most common challenge companies face. For mortgage companies specifically, this couldn’t be truer, and yet, many mortgage companies are still grappling with how to streamline the repetitive manual processes. According to The Financial Brand, only 4% of mortgage companies have made the shift to fully digital.

With mortgage and title professionals in mind, we designed four prebuilt mortgage automations. Easy to adopt even among outdated legacy systems, our tools help streamline common mortgage and loan processes for optimal organizational efficiency.

Closing Disclosure Automation

When it comes to data collection and verification, humans are inherently prone to making errors, with data entry with no verification having an error rate as high as 4%. 

A closing disclosure is “a five-page form that provides final details about the mortgage loan you have selected.” When you consider how much data this important set of paperwork contains, as well as the potential for human error, any data incorrectly extracted or inputted significantly delays the overall CD process.

If a mortgage specialist has a stack of closing disclosure paperwork from 12 different customers and makes one mistake per each closing disclosure, how much longer will their day-to-day be? Conversely, if bots handle the data extraction and input accurately the first time around, how much more time will that same mortgage specialist have for higher-value work?

Automating the closing disclosure process – a process that relies on accurate data – is a win-win: one step closer toward an increasingly digital mortgage experience and the elimination of human error. While the data contained in closing disclosure documents can be highly variable, our RPA software bots can keep up with the changing data fields to understand and process data that other prebuilt automation cannot. Learn more about our closing disclosure automation 

Loan Payoff Automation

Whether calling a customer service contact center or attempting to reach a business, we are all familiar with sitting through prompts and punching in numbers until we reach a resolution. What we don’t often consider, though, is how commonplace this is—especially on the business side of things.

For lenders or title companies, waiting on the phone comes in the form of issuing payoff calls that can take up to 10 minutes per file to complete. In any given month, hundreds of loan applications could be received which all require executing this same call process. 

Our loan payoff automation is a one-of-a-kind solution employing bots to place and handle the call. This enables more calls to be issued, more time to focus on the customer and less hassle for employees. Plus, with uniquely customizable instruction lists, this process is adjustable for each lender, to allow for future adaptability.  

Investor Stipulations Automation

Completing investor stipulations is an exhaustive and inefficient process that involves logging into multiple investor sites, manually searching for a loan stipulation by number, downloading back into the LOS system, and resubmitting it to the investor site.  With our solution, RPA bots take the reins on monitoring lender or investor portals for open stipulations while employees can focus on higher-value activities.  

Our integrations among Encompass, Calyx, and Byte include:

• Wells Fargo
• PennyMac
• FreddieMac
• Chase
• newrez
• AmeriHome mortgage
• & more!

Learn more about how investor stipulations automation works in this video:

Ordering Flood Certifications

For every property being assessed for a loan there are several essential steps before the loan can be approved. This includes the important but mundane process of ordering flood certifications. Though straightforward, what ends up making this cumbersome is not the task itself, but the amount of time needed to complete it. By automating the generation of this important report, employees can focus on other, just as timely, tasks. See how in this video:

The Pros of Prebuilt Mortgage Automations

Aside from the obvious—that prebuilt solutions are ready to implement right away because the work is done upfront — the benefits of prebuilt are numerous. They are cost-effective, adjustable to your unique needs, and will save your organization the burden of building something from scratch.

Plus, with an out-of-the-box solution that gets to work right away, your organization has time for other, more important things such as:

• Strategic insight and ability to focus more on high-value activities
• Ability to more effectively streamline onboarding and off-boarding and develop strategies to retain employees
• Ability to scale

Because these tools feature already written RPA code, they won’t disrupt your existing systems for seamless integration. And because bots don’t get tired as humans do, they complete tasks error-free and accurately the first time around. To learn more about the above mortgage automations, and more, visit our prebuilt solutions page.