What is RPA in the Mortgage Industry?
RPA in the mortgage industry provides strong operational cost savings, improved accuracy and faster mortgage processing time. In addition, RPA can facilitate the automation of time-consuming processes which ultimately frees up staff to focus on the most important aspects of customer service.Get In Touch
RPA Use Cases in the Mortgage Industry
The following are two of the top applications of RPA in Mortgage industry:
- 3rd Party Data Verification
- Mortgage lending requires today’s banks to obtain, verify, and organize information from third parties to give a full picture of a borrower’s loan application. These sources include asset verification, appraisals, and credit reports. RPA can reduce much of the manual work involved in this data collection and verification and improve accuracy during the process.
- Post-closing loan quality control monitoring
- The post-closing process is governed by strict regulation – ensuring that closing documentation complies with underwriting lends itself well to implementing RPA to improve the process and ensure regulatory compliance. RPA also can quickly and accurately be used to identify areas of non-compliance and notify management of issue which have arisen.
RPA Benefits in Mortgage Industry
- Improved documentation accuracy and reduced errors in the underwriting process
- Today’s underwriting process is light years ahead of where it was just a decade ago, however, a strong RPA process can take automation in this area to the next level. RPA can efficiently and effectively reduce human error during the process and shave hours off processing time.
- Improved security
- Today’s cyber-security landscape is full of bad actors and RPA can serve as an early detection system fraudulent activity. These systems can be setup to provide real-time notices of this type of activity and provide management with timely, customized reporting.