How to Choose the Right Intelligent Automation Platform for your Business
Articles by: Richey May, Jul 11, 2022
Loan origination is a beast of a manual process laden with documents and full of touchpoints. Someone needs to upload and index those documents. Someone else needs to extract the data and enter it into systems. Then the underwriter needs to review all the documents, perform calculations and manually enter their inputs or findings into an income analysis worksheet.
And it’s not just time-consuming. It’s painstaking. Loan files need to be as clean as possible before they reach underwriters so they can do their best work.
In the loan origination world, intelligent automation can be a game changer. But how can you sort through the hype to know which platform is right for your business? In this blog post, the RM Automate experts will answer that question.
It costs a lot to originate mortgage loans. It also costs a lot to automate. From a business perspective, the platform has to be intuitive, or your team will fall back on old habits. And if that happens, you risk wasting time and money on loan origination by paying for an automation solution no one’s using for its intended purpose.
To weigh the cost and benefit of these technologies, you need to assess your team’s openness to using them. Before you buy, be sure to ask these three questions:
- How intuitive is it for underwriters to use?
- Are there friction points for underwriters in terms of usability?
- Can they trust the results that are being returned?
Underwriters tend to like the way they do things. So if you’re not adding value with your intelligent automation solution, they’re not going to use it.
The goal is to empower underwriters, make their jobs easier and enable them to do more. How many more loans can they get to in a day, and how do you eliminate the touches they have to make? What are their pain points? Do they have to go back five times to the same loan because updated documentation keeps coming in?
A worthwhile solution is one that can decrease the number of touches your team has to make throughout the entire process — from loan application to processing and underwriting.
End-to-End Intelligent Automation
Spot solutions for underwriting, document management or warehouse line automation will only take you so far. The Mortgage Automation Suite brought to you by Richey May Automate and Zoral Group is a holistic, end-to-end platform tailored for the mortgage industry.
And because it’s hosted on Amazon Web Services (AWS), it scales automatically to respond to cyclical demand. AWSprovides a level of elasticity that’s unmatched in the industry – a critical infrastructure enhancement when combined with intelligent automation.
Benefits of the Mortgage Automation Suite by Richey May and Zoral
- Easily integrates into existing tech stacks
- Customizable, non-intrusive rapid deployment
- Flexes to meet your needs — start with high-impact areas and expand over time
- Provides fraud detection capabilities
- Provides human-in-the-loop (HITL) services that involve OCR data extraction and human review of data extraction from documents to ensure data accuracy
Cut the loan origination process down to size and give your underwriters the tools to do their best work. Contact us for a demo of the Mortgage Automation Suite today.