Automation for the
Mortgate Industry


What is Automation in the Mortgage Industry?

Automation in the mortgage industry provides strong operational cost savings, improved accuracy and faster mortgage processing time. In addition, automation can facilitate the automation of time-consuming processes which ultimately frees up staff to focus on the most important aspects of customer service.

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Automation Use Cases in the Mortgage Industry

The following are two of the top applications of automation in Mortgage industry:

  • 3rd Party Data Verification
    Mortgage lending requires today’s banks to obtain, verify, and organize information from third parties to give a full picture of a borrower’s loan application. These sources include asset verification, appraisals, and credit reports. Automation can reduce much of the manual work involved in this data collection and verification and improve accuracy during the process.

  • Post-closing loan quality control monitoring
    The post-closing process is governed by strict regulation – ensuring that closing documentation complies with underwriting lends itself well to implementing automation to improve the process and ensure regulatory compliance. Automation also can quickly and accurately be used to identify areas of non-compliance and notify management of issue which have arisen.

Automation Benefits in Mortgage Industry

  • Improved documentation accuracy and reduced errors in the underwriting process
    Today’s underwriting process is light years ahead of where it was just a decade ago, however, a strong automation process can take automation in this area to the next level. Automation can efficiently and effectively reduce human error during the process and shave hours off processing time.

  • Improved security
    Today’s cyber-security landscape is full of bad actors and automation can serve as an early detection system fraudulent activity. These systems can be setup to provide real-time notices of this type of activity and provide management with timely, customized reporting.