Automating Mortgage Loan Processing

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Helping to Improve Efficiency and Customer Satisfaction While Limiting Cycle Time and Costly Errors

The size and complexity of mortgage applications, and the multitude of tasks loan processors must complete, makes it nearly impossible to eliminate manual work. The challenge is to insert documents into an orderly workflow, using imaging and tracking technology to help streamline processing and reduce human error. A sophisticated business process solution – customized and complementary to an existing loan origination system – can help structure the application cycle to help make sure that information is valid and available, disclosures are issued on time when loan terms change, and needed documents are on hand at closing. With digital tracking, such a solution can help monitor performance and highlight deficiencies. Further, automated alerts and comprehensive visibility into the loan package can assist with streamlining communications with borrowers.

Overall, an efficient process can lead to a shorter loan processing cycle time. A shorter cycle time can help loan originators close within the initial rate lock period and can help borrowers or the lender avoid fees to extend rate locks. Also, an efficient process can create a better customer experience, and satisfied customers can lead to more business. Indeed, business process automation appears to have vast, untapped potential in the mortgage industry. Many originators express widespread interest in improving their current systems, according to surveys of hundreds of mortgage industry executives and managers. Survey respondents describe processes with large amounts of manual work and the possibility for bottlenecks to develop across the loan processing cycle. Incidents like expired rate lock periods are frequent and costly. Mortgage companies are keen to improve customer experience, and efficiency – while trying to stay compliant with banking, mortgage and consumer protection regulators – and are looking for technology to assist them.

In this white paper, you will learn how Business Process Solutions that leverage imaging and tracking technology, automated task alerts, and performance-monitoring capabilities can help keep mortgage applications on track throughout the loan processing cycle. They can complement and enhance existing loan origination systems and help improve customer service, shorten cycle times, and reduce costly oversights.