Rising pressures all around

Companies across the mortgage lifecycle are living with a business environment that is faster-paced and more demanding than ever before.

In recent years, both mortgage origination and refinance activities set new records – increasing profits but also ratcheting up the pressure to process and service loans. Mortgage insurers and solution providers have likewise felt the need to deliver customized offerings under the tightest of deadlines.

Accustomed to real-time digital transactions, consumers expect faster loan decisions, shorter closing time frames, and better servicing transparency. And if they are disappointed, they share their frustration across social media channels.

Struggling to hire more staff to meet these demands, few companies have been able to reduce turnaround times in the current high-volume market. And as business inevitably returns to a more typical pace, they may find themselves needing to right-size their staff – highlighting the need for elasticity in their staffing model.

The challenge of new competitors also keeps executives awake at night. Led by agile fintech companies unburdened by legacy business processes and IT systems, these firms threaten to turn the entire mortgage industry upside down.

Awareness and intelligence

Meeting these challenges requires a new approach to the mortgage industry – one that operates faster, more accurately, and with minimal human touch. We call it “touchless mortgage automation.”

Mortgage companies need technology that can automate the processes of discovering and classifying data. Those “stare-and-compare” processes are lengthy, contribute to errors, and require lots of resources. Some firms have deployed optical character recognition tools to minimize effort.

But those technologies are neither intelligent nor self-aware. They don’t know whether the data is correct or incorrect. Is the information complete or is something missing? Does the data include the right version of each document? To answer these questions, companies need to assign people to double check everything.

That’s where touchless mortgage automation can help.

Faster, more accurate processes within reach

Using an innovative combination of next-generation technologies – including computer vision, artificial intelligence, and machine learning bots – touchless automation helps companies perform critical data identification and classification tasks. It handles these tasks with extreme speed and without compromising the high levels of accuracy that are so crucial in the mortgage industry.

To achieve touchless automation, the technology must know when the data is accurate and when it requires human review. When the data is correct, tasks are completed faster and with fewer errors. Whenever human review is required, the system alerts users. More than 90% of tasks pass through the process with no human intervention.

That kind of straight-through processing improves accuracy and saves time. Processes that take hours with legacy technology can now be completed in seconds or minutes. And your experts can redirect their time and energy to more valuable tasks.

Better outcomes through purpose-built solutions

Touchless mortgage automation solutions are different from some of the heavily hyped technologies in the media. While those tools may use some of the same innovative technologies, such as AI and bots, only touchless mortgage automation solutions incorporate those leading-edge technologies in an offering that is purpose-built for the mortgage industry.

What’s the difference? Time, effort, and results.

Technology not developed specifically for the mortgage industry must be trained to perform the tasks that help your business run faster and more efficiently. Process engineers must build the processes from scratch to run the way your business does. The technology must be customized to accept the right forms and learn where to look for essential data.

All of that takes time and effort. Companies may be able to pilot a single process within a few months, but a solution that addresses its end-to-end processes could take years.

And once the solution is complete, what kind of results will it deliver? How accurate will the data be? Will the data need someone to check it before it can be used? With these solutions, the unknowns are huge.

First across the finish line

Touchless mortgage automation helps companies have confidence in their data. Developed using deep domain expertise in mortgage automation, financial services, and AI-based process automation, touchless mortgage automation does what no other solution can do. Companies can dynamically scale processing capacity, minimize labor costs by reducing manual data entry, and accelerate document-driven workflows.

The results:

  • 99.5% accuracy for document type classification
  • Up to 96% reduction in loan processing time with automated data extraction and classification of loan documents
  • 99.5% pass-through rate, with documents requiring no manual validation
  • 85% reduction in manual document review

Built to meet the specific needs of the mortgage lifecycle, touchless mortgage automation lets mortgage companies run as never before – faster, more accurately, and with minimal-to-no humans in the mix. And that’s the best way to win the race for better customer service, greater profitability, and enhanced flexibility.

To learn more, read the e-book or visit our website.