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:
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:
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.