Though relatively new, robotic process automation (RPA) is already starting to dramatically streamline the mortgage lending process.
The Best Part: there are now mid-market solutions like Kapow from MetaSource that offers the benefits of RPA for a fraction of the price that the large consulting firms and IT integrators would love to charge you. And, it works as you will see in the video below.
What Is RPA?
Simply put, RPA is software that you can teach how to do repetitive, mind-numbing and even complex tasks that either no one in your organization wants to do and/or you don't want to pay how much it would cost for them to do it. RPA can actually extract information from any system by entering logins and passwords, and then pulling documents and data.
RPA for Mortgage
Example applications of RPA used in mortgage include:
- Competitive Research: research and analysis of current offerings from the competition
- Pre-Application: initial research and pre-qualification
- Application: identity, income and asset verification
- Underwriting: extracting data from loan origination systems (LOS)
- Loan Boarding: extracting data from single-PDF BLOB (binary large object) files
Mortgage RPA Example Video
In the video below, you will see how the core part of Kapow, known as Design Studio, can model interactions with websites and other software just as human beings would. Kapow can be taught how to pull various documents as part of a loan application process from an online banking portal. In this case, Kapow enters different portions of the password each time it logs in, which is unique requirement from this particular bank, and which would very difficult for data extraction software to deal with but is no problem for Kapow.
You can see also how Kapow grabs a wide variety of information: homeowner insurance, bank statements and pay stubs. Kapow can also grab bitmaps as well as PDFs, which can be used to generate a shipping label in this example. Once Kapow pulls the documents, they can be sent via workflow to the next person for processing. Kapow can also take snapshots of what it "saw" when it logged into the website.
Automate or Partner?
The possibilities with RPA are exciting and endless but you can't automate everything. However, you can partner with a quality third party for other manually intensive tasks that require more than what software can handle.
Thus, if you need help ingesting content, loan file QC, loan boarding, mortgage assignments, lien releases, servicing QC, MERS QA, acquiring trailing documents, or just about any process related to lending and servicing, let us know.