Technology has brought some impressive solutions to the mortgage industry even if paperwork still occasionally has the upper hand.
Consumers have seen their share of the process simplified dramatically with the emergence of Rocket Mortgage and other mortgage point of sale (POS) platforms, with lenders rushing to get their own versions out into the market.
But in an industry with so many moving parts, innovation in one part of the process doesn’t necessarily transfer well to the other systems needed to complete the loan origination process, creating frustrating gaps in the streamlining effort.
While borrowers are taking advantage of the ease-of-use and transparency of mortgage application by smart phone, tablet and PC, these increasingly-popular POS platforms typically aren’t integrated with lenders’ loan origination systems. Lenders are then left with a system that creates a flood of incoming mortgage data and documents that has to be manually channeled into their LOS.
Digital Innovation that Clears the Mortgage Origination Bottleneck
The result has been a maddening bottleneck in the process that transforms what should be an opportunity to spend more time originating new loans into a creaky and error-prone drain of time and energy.
Having to reconcile mortgage data between multiple systems erodes the benefit any one of them can bring to the improvement of the overall process. Real digital transformation can’t be a system of stop-and-start innovation. It needs to flow smoothly from one part of the process to the next.
That’s why MetaSource has created Symmetri™ – a transformational system for integrating the platforms you rely on.
With Symmetri, the roadblocks are eliminated. Inbound POS documents (W2s, bank statements, tax returns) are identified and data is smoothly extracted, validated against data recorded in your LOS and transported into a workflow, maximizing your speed to close, data accuracy and customer satisfaction in a smooth process.
It works by putting advanced document classification and data capture together with robotic process automation (RPA) to eliminate manual tasks (e.g. double data entry, verification orders) and bring elements of the process together seamlessly. A state-of-the-art capture and classification process ensures that documents are complete, accurate and validated. RPA streamlines repetitive tasks like USPS search, NMLS validation, data extraction and downloads, appraisal ordering and uploads to the LOS.
Mortgage Origination Solution to be Showcased at Mortgage Innovators Conference
Symmetri is a multi-solution system that we’ll be highlighting at the upcoming Mortgage Innovators Conference Aug. 11-13 in San Diego. Stop by our booth for a demonstration of how you can take the pain out of wrangling disparate systems for POS and LOS, enabling the full power of the technology you use every day.
Here’s an overview:
- Documents are captured by the mortgage POS, then classified by Symmetri
- Symmetri extracts data from the documents and validates them according to user-defined business rules
- Discrepancies are detected and re-routed for human resolution, when required
- Corrected data is transferred to the LOS
- RPA accesses third-party websites for additional loan data needed for processing, which is extracted and uploaded to the LOS
- Once all data is complete and validated, Symmetri then routes the loan to its next step
Stay One Step Ahead with MetaSource Solutions for the Mortgage Industry
At MetaSource, we are committed to providing practical and cost-effective solutions that help keep our mortgage industry clients one step ahead.
Visit us in Booth #304 at the Mortgage Innovators Conference August 11-13 in San Diego, or schedule a free Loan Origination Process Evaluation to learn what Symmetri can do for you.