As our society becomes more dependent on mobile devices, it’s easy to think that paper is dead. Yet in industries such as mortgage, this could not be further from the truth. In fact, the loan process remains largely paper-based.
Due to the size and complexity of mortgage applications, lenders rely on manual labor to process thousands of loan packets every year. Processing a loan packet is voluminous in nature and requires several manual tasks, which make mortgage processing slow and inefficient.
Despite increased customer expectations, lenders are falling short in providing an optimal experience. However, some lenders are implementing tools to automate their current mortgage process. As a result, they’re driving greater ROI and achieving better customer satisfaction.
Below are five ways automation can help:
Eliminate errors – Automation can dramatically cut down the number of errors in the loan process through accurate OCR technology. OCR enables businesses to extract information from mortgage files while eliminating the need for manual data entry, allowing employees to do more meaningful work.
Improve customer experience – Mortgage loan processing technology eliminates bottlenecks in the application process. As a result, originators can close loans faster and increase customer satisfaction.
Reduce processing costs per loan packet – Automation solutions don’t need to be scaled as the business grows. In fact, many solutions pay for themselves by handling a greater number of packets than manual labor. Therefore, the longer loan processing technology is implemented, the lower the total cost of ownership becomes.
Improved compliance – Mortgage loan processing technology can automatically verify that distinct documents are present in every loan packet. This lowers the regulatory risks for lenders while ensuring they don’t fall behind new regulations.
Reduce processing time – Tasks such as reviewing application forms, verifying correct information and submitting approved loan files to the underwriter are extremely time consuming. By eliminating the human element in many of these tasks, automation solutions can dramatically reduce the amount of time needed to process a mortgage packet.
Do you want to learn more about how automation can help your business? Contact our experts for a free consultation on automating your mortgage process.