The mortgage industry has been riddled under cost pressure to complete each mortgage efficiently, but numerous manual tasks such as translating documentation requirements into emails and tracking items on paper forms, has made it very challenging. In turn, the cost of these manual processes and inefficiencies are borne by the borrowers in the form of increased fees and costs.
Digitization has transformed the processes and given the power to simplify the lending process. Mortgage processes have vastly been reduced with the help of new age technology, such as Robotic Process Automation (RPA).
RPA reduced costs by removing manual processes, which also adds immense value to the borrower and lender. Error free processes that move along quickly, without any dependence on human capital. Human capital power is utilized in higher value activities that drive sustainability of growth and improvement of experience.
RPA has various uses across the mortgage lending industry, ranging from fraud check, loan user assignment to vendor billing reconciliation. Here, we take a look at 3 of the many uses Bots have been implemented for, across the industry.