Here are 3 interesting facts for you to mull over:
- A mortgage loan process takes?over 50 days
?to complete.
- Employees spend up to?25%
?of their time on repetitive tasks.
- 80%
?of finance leaders have either implemented or are planning to implement Robotic Process Automation.?
Thus, it’s clear that?mortgage lending with Robotic Process Automation?is becoming the norm. However, you might have questions:
- What’s Robotic Process Automation (RPA)?
- How can you use?RPA in the mortgage industry?
- What are the benefits of using?RPA development services?
This article will offer the answers in the next five minutes. Let’s dive in.
Robotic Process Automation — a short guide?
Robotic Process Automation Guide
Robotic Process Automation (RPA)?
The software technology allows businesses to build, manage, and deploy software robots that emulate human actions interacting with digital systems.?With RPA, anyone can define a set of instructions for a robot (or ‘bot’) to perform.?
RPA helps in streamlining workflows by automating workflow-driven repetitive tasks. Thus, employees can focus on value-generating and complex tasks. Furthermore, RPA reduces human error and staffing costs as well.?
Robotic Process Automation
?tools are best suited for automating workflows that involve database access, legacy systems that lack APIs, and Virtual Desktop Infrastructure (VDI).?
Key opportunities for RPA in Mortgages Industry
Key opportunities for RPA in Mortgages Industry
- RPA development companies?can leverage RPA for mortgages the most in loan origination and processing. RPA can help you with anything ranging from downloading the documents to uploading the same.?
- RPA solutions can pull information from multiple sources and arrange the information in a structured database.??
- You can use?RPA in banking?to verify pre-funding data, quality audits of submitted documentation, and tasks related to ordering services such as title, flood, and credit. RPA solutions can implement better reporting, offer more accurate data, and increase turnover time than manual processes.
- You can apply RPA in Risk and Compliance Oversight. RPA solutions decrease human errors and mitigate risk in the process.
- You can use RPA solutions to gather and process data that are related to the mortgage applicant. Furthermore, the solutions can perform the task from both internal and external sources. The process lowers the delivery time by up to 30% of the time than if the tasks were performed by humans.?
- You can apply?RPA for a mortgage?to improve how you determine and underwrite your exposure to risk.????????????
- You can use RPA solutions to send information to the borrowers. RPA solutions send the information in encrypted files; thereby eliminating all chances of a data leak.
Benefits of using RPA in mortgage lending
Benefits of Using RPA in Mortgage Lending
- RPA solutions lower the average time needed to process a mortgage loan by up to 30%. Thus, the mortgage company can offer more loans in less time; thereby reducing costs and increasing efficiency.
- RPA implementation leads to higher data accuracy, thanks to the absence of human errors that otherwise creep in.
- RPA solutions offer higher quality verified data. Thus, you receive a higher level of compliance and higher levels of risk mitigation.
- RPA solutions allow the employees to devout their time on value generation and customer service.??
- You won’t need to upgrade or replace any existing application, software, or tools to use RPA solutions.
- RPA solutions automate documentation and lending processes. Thus, the process increases the ability to mitigate risks, respond quickly if and when a risk occurs, and helps in implementing more cohesive compliance guidelines.?
- RPA solutions allow companies to define and regularize the workflow for higher efficiency. Data entry, task assignments, document collection and routing, processing — RPA solutions help you with all.?
Mortgage lending with Robotic Process Automation — the trend is here to stay
20%
?of all companies have adopted Robotic Process Automation in 2021. That’s a 7% increase from the?13%
?adoption rate in 2020.?
Thus,?mortgage lending with Robotic Process Automation?is here to stay. Furthermore, companies such as?Uipath development services?offer automation of all business processes at the graphical user interface level.??
We hope the information in this article will help you get a better grasp on the practice to make the most out of it.
