Skip to main content

If you’ve ever sorted through insurance plans or weighed the pros and cons of various college or retirement investments, you’ve almost certainly thought: “If only I knew what the future holds.” 

The right crystal ball would tell you whether you need that premium healthcare plan, enough savings to pay for an Ivy League education, or money that will last until you’re 75 – or 95. 

Unfortunately, none of us can see the future. So we prepare as best as we can today for whatever tomorrow may bring. That’s true for our business planning too.

Choose wisely today to create value tomorrow

In the mortgage industry, IT professionals are at a crossroads. After decades of using mostly manual, siloed processes and systems to handle mortgage processing, many experts are now considering a new generation of tools. 

Intelligent mortgage automation solutions help companies analyze mortgage and financial documents accurately and in real time – with minimal humans in the loop (HITL). By combining advanced technologies such as computer vision, artificial intelligence, and machine learning, these technologies automate document identification, classification, and data extraction. They can help you optimize document-driven workflows throughout the mortgage lifecycle. 

Companies that deploy these technologies are realizing dramatic benefits. One mortgage insurance company reported a 125% increase in underwriter productivity. A leading mortgage service provider accelerated its mortgage processing activities by over 85%.

But how do you know which solutions are best for your mortgage business? Which technologies will help you meet the changing needs of the industry and stay ahead of the competition? 

In other words, what’s the best way to future-proof your mortgage automation investment? 

Look for three key integration technologies

The first step is to look for solutions that enable modern integration approaches. You’ll never replace all of your existing business systems at once, so your new investments need to work with technology that’s already in place. The right integration technology will help you connect legacy mortgage systems with new automation technology. 

To make integration more straightforward, look for mortgage automation solutions that incorporate three key technologies.

  • REST API – The REST API supports simple connectivity between different technology platforms. 
  • Robotic process automation technology – RPA is already heavily integrated into many existing mortgage platforms. Choosing a solution with RPA compatibility reduces the need for further integration.
  • Web-based user interface – A web-based UI supports an intuitive user experience, and it’s a simple, noninvasive way to integrate into existing mortgage platforms.

Invest in technology built for the mortgage industry

In addition to these three technologies, there are a few key capabilities that can help ensure your mortgage automation solution delivers value for years to come.

Most importantly, pick a domain-specific platform. Many products offer powerful technologies but were not created with the mortgage industry in mind. 

A purpose-built solution that is preconfigured to understand hundreds of mortgage forms and fields – offered by a vendor committed to maintaining a non-static, ever-growing library of mortgage-specific documents – is your best bet. 

With this type of solution, you won’t have to spend time teaching the system to understand your business. That’s a savings that can reduce your time to value from many months to just a few weeks. 

Get on the path to touchless automation

Another critical feature is dynamic scaling. Your chosen solution should help you scale loan processing capacity in real time – up or down – based on market demand. 

It’s also important to find a solution that supports configurability, especially when it comes to the right levels of automation for your business. You should be able to define which data should be processed automatically, without any human intervention. Modern technology also lets you set accuracy thresholds. For example, companies can specify that 98.5% percent of certain classes of data pass straight through the systems without review.

Cross-validation capabilities help ensure that data within a loan packet is consistent. More consistent data allows high levels of straight-through processing – what we call touchless automation – and provides the greatest accuracy. 

Automatic auto-versioning capabilities are also essential. These technologies assess which version of each critical document is final. Once final versions are identified, human workers can complete their loan decision-making.

With the right integration approaches and key technologies, your new mortgage automation solution will deliver value today – and in the years to come. That’s one future you can count on.