How Intelligent Automation Is Changing the Mortgage Industry

Businesses across most domains are constantly trying to reduce operating costs. One way to do this is by introducing intelligent automation. Intelligent Automation contributes immensely to taking repetitive, mundane tasks that humans would typically do and applying machine learning technology to automate them.

Automation is seminal because it results in a lesser number of errors and leaves the workforce with more time to focus on tasks that help expand the business. With respect to the mortgage industry, Intelligent Automation shows immense potential by promising to remove constraints, lower operating costs, and allow employees to focus on more productive tasks.

Moreover, as newer digital-only competitors are reshaping the customer experience, it is time for most mortgage lenders to become adept at meeting consumer demand with fast, simple, and seamless loan experiences.

The paybacks of Intelligent Automation in the mortgage industry

A McKinsey Institute study had found that companies that had introduced Intelligent Automation had been able to automate up to 70 percent of the repetitive tasks their employees were handling. They were also able to see run-rate cost efficiencies of 20-35 percent.

The mortgage industry can see maximum benefits from intelligent automation in loan origination. The process inherently requires major paperwork and is very resource-intensive. Today’s primarily paper-based mortgage loan origination process is beleaguered by costly delays and inefficiencies. The typical mortgage origination package spans about 400 to 500 pages, and completing the process can take over a month.

Intelligent Automation allows lenders to provide a more customized experience for each customer by bringing more flexibility in streamlining the process. When the mortgage origination process is automated end-to-end, lenders can reduce the chance of human error, minimize the risk of compliance violations, and encourage customer retention—all while lowering operating costs.

Why Intelligent Automation is more important than ever now

While mortgage lenders were already facing a wave of digitalization, the Covid-19 pandemic only intensified the need to build new capabilities, especially at a time when historic low-interest rates have created higher demand. Besides, there is a massive influx of borrowers seeking to refinance or asking for a forbearance of their current loans, which means additional pressure on mortgage companies that are already staff-strapped with more people working virtually. The problem is that many mortgage companies lack the ability to scale, which is necessary if they wish to improve their position and offer a more enhanced lending experience to customers.

In this situation, Intelligent Automation can help mortgage businesses take on more work, accelerate processes, and bring in more accuracy, so customers get their loans and homes more quickly.

What kind of Intelligent Automation solution is right for you?

To choose the right automation solution, you will have to pick the one that can be integrated with your own loan origination and management solutions. The end goal is to enhance the automation capabilities of your existing processes. The right Intelligent Automation solution should be able to provide you with an easy-to-use process that will not require too much time and resource investment to build workflows. It should rather be able to upsurge the efficiency of your own processes while ensuring that you are not required to pull staff members away from their critical projects to focus on automating simple tasks.

How companies like Visionet can contribute to Intelligent Automation

Visionet’s Intelligent Automation solutions have been empowering businesses to drive their future by improving efficiency, accuracy, and employee productivity. The company offers to simplify, accelerate, and make business operations resilient by speeding up internal processes through cognitive-led enterprise automation. The idea is to automate daunting manual tasks resulting in incredible speed improvement while maintaining high accuracy.

One of Visionet’s key projects includes the transformation of an international bank’s legacy platform integration, data entry, and cloud archival processes using Robotic Process Automation (RPA) bots, resulting in an increase in efficiency of over 6x. With a large team of highly skilled automation professionals, Visionet provided a complete range of enterprise automation services that span Robotic Process Automation (RPA), cognitive automation, and custom automation solutions.

If you would like to understand more about the benefits of such Intelligent Automation, you can get in touch with us.