Transforming the Mortgage Industry with Automation


The mortgage industry has seen it all. From the digitization of processes, to the economic ups and downs that accompany the housing market, to cycles of growth, and industrywide levels of stagnation. Through it all, mortgage professionals spend hours on manual data entry: processing loan applications, and generating reports. These tedious tasks are often out of outdated legacy systems that have seen better days. However, these certainly aren’t the only pressures that mortgage businesses face, especially riding the heels of a post-pandemic era.   

The worldwide housing market is exploding and demands to work-from-home are rising, with 73 percent of mortgage lenders reporting a significant increase in their remote workforce compared to the pre-pandemic era.

Faced with the mounting pressure of keeping customers and employees happy, it comes as no surprise then that the mortgage industry is increasingly turning to modern technologies to help them streamline tedious business processes. With UiPath Robotic Process Automation (RPA), for instance, software robots can manage time-consuming processes. In turn, mortgage professionals recover lost hours in their day and can focus more on the customers.  

RPA Use Cases

The loan origination cycle time takes about 40-50 days on average. In addition to minimizing tedious processes like loan origination, other common RPA use cases in the mortgage industry include:   

  1. Closing disclosures: automate labor-intensive copying and pasting of data and other manual tasks for a less tedious overall closing and disclosure process  
  1. Service ordering: automate the ordering of a variety of services to keep up with the volume of orders and eliminate the potential for missed or forgotten orders. Examples of commonly requested services include:  
    • Flood certification
    • Credit inquiry 
    • Fraud 
    • Appraisal 
    • Verification of employment 
    • Income Documents 
  1. Data extraction: reduce the amount of manual data entry by automating data extraction from a loan packet; the automation process can in turn classify and store this data accordingly. With our expertise and certification in UiPath Document Understanding, our bots can absorb data from large volumes of paper and input this into the correct system for consistent flows of information each time.
  1. Investor stipulations: automate navigating many different investor sites and looking up loans by number for stipulations, resulting in speeding up the amount of time required for post-closing secondary market sales by 60-70%
  1. Customer service: streamline the mortgage application process by automating applicant information insertion into database. According to a survey from State of Homebuying Report, 79% of consumers indicated they would be willing to eSign all or some of their mortgage documents. Automated contact center solutions can also offer customers a better and more interactive customer experience.  
Image caption here…

Benefits of Implementing RPA in Mortgage

What used to consume hours of an employee’s time manually processing, extracting, reconciliating, and more can now be automated. Automations free up time to focus on a more attentive and interactive customer experience. 

Other benefits include: 

  • Expedited loan processing 
  • Swifter closing times 
  • Faster onboarding
  • Maintain data integrity with more accurate data insertion and extraction 
  • Improved customer experience and long-term customer loyalty 
  • Opportunities for scalability and optimization

In Conclusion: Automation is the Future

90% of banking and lending executives cited the pandemic as a powerful motivator behind digitizing their mortgage processes.

However, while many mortgage businesses decided to take the RPA leap as a response to the pandemic, as more realize the benefits of this investment, they are discovering that the potential and impact for RPA is long lasting with more use case opportunities. 

Bring your mortgage business into the 21st century – and stay competitive – with the help of Neostella, a leader in the mortgage space. Find out more about our custom mortgage solutions: