How RPA Can Help Mortgage Companies

Most mortgage companies are behind when it comes to technology implementation. This has caused several problems like longer closing times, lost leads, and higher levels of human error. The main reason for this is that most mortgage companies must deal with multiple systems, which makes work tedious and often results in human error requiring yet another communication to the buyer. This can be frustrating for buyers, who could have given proper documentation all at once from the beginning, and loan officers, who may have to wait on a loan’s completion pending this new data.

The solution to this problem is robotic process automation (RPA). RPA can unify multiple systems, eliminating human error, reducing closing time, and increasing ROI. AI-enabled RPA solutions can help automate pre-approvals and document disbursements (such as closing disclosures).

Most importantly repetition can be eliminated, and human work can be dignified again.

What is RPA?

Robotic process automation (RPA) is the use automation software to handle high-volume, repeatable tasks that previously required humans to complete.

RPA robots utilize the user interface (UI) and communicate with existing enterprise systems just like humans do. They log in, access data, calculate numbers, fill out forms, extract data—all on their own, at rapid speeds, 24 hours a day, 7 days a week. To best take advantage of RPA’s strengths—speed, accuracy, and efficiency—it should be deployed for tasks where all processes are well understood, rule-based and there is little to no change from instance to instance of the tasks being completed. This makes mortgage companies highly regulated industry, a perfect candidate for automation through RPA.

Pre-approvals & Document Distribution

Applying for a mortgage can be time consuming and frustrating. RPA can help by automating the pre-approval process by uploading buyer information from an email for example and transitioning it to a LOS. If an RPA process has an email list, it can parse the list of recipients and distribute documents to the correct party. This will allow loan officers to focus on new leads and provide a streamlined experience for buyers already in the pipeline.

Unifying Multiple Systems

Mortgage companies typically must deal with data aggregation across multiple systems, which can result in human error. RPA can help by unifying multiple systems into one cohesive system of choice through UI access. This will eliminate human error and ensure 100% accuracy across systems.

Reducing Closing Time

Another benefit of RPA is that it can reduce closing time by automating tasks that are typically done manually. Since a single robot can run 24/7 it is sustainable robotically but unhealthy, and impossible humanly. Not only do robots run while humans need rest, they can access data through the UI much faster with programmatic interactions making individual processing time much faster than human hands can interpret, click or type. This will allow buyers to close on their mortgage faster and provide a competitive edge when loan shopping.

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RPA is the best solution for mortgage companies who are behind in technology implementation. RPA can reduce closing time, cut costs, eliminate human error, unify multiple systems into one cohesive system, and automate tedious tasks such as pre-approvals and document disbursements. Most importantly, it can help mortgage companies keep up with the ever-changing landscape of technology and provide a better experience for their customers. If you're a mortgage company looking to stay ahead of the curve, implementing an RPA solution is the best way to do it.