Mortgage

Preparing for RPA: How Can Mortgage Companies Get Started with Automation?

Robotic Process Automation (RPA) used to be something only large companies could afford. Companies outside of the top 50 or so could not afford the technical staff required to create and maintain these tools, even as recently as a few years ago. However, recent breakthroughs have driven down the costs of RPA tools and mortgage companies of any size can now access automation at a larger scale. That said, many companies are accustomed to the workarounds they use to make their business run. Your process likely “works just fine,” even if there are repetitive components your employees confront on a daily basis. Some mortgage leaders may not even know about all the roadblocks present in their essential processes. 

So how can you prepare for Automation? 

The first step is to dive into your process and find steps that are suitable for automation. Typically, these are repetitive actions that bog key employees down. Our team helps leadership evaluate which areas can be improved quickly with RPA to help you achieve enhanced compliance or more efficient processing. Our evaluation entails interviewing key stakeholders about your process and assessing your tech tools and the work around therein. Leaders can: 

• Lay the groundwork with management. Managers in direct contact with LOs, processors and underwriters often know where the critical inefficiencies are.  

• Identify key technology tools. Your LOS and CRM are important central pieces of your technology stack. However, other tools like your pricing engine and productivity tools may have poor connectivity to your key systems, creating inefficiencies. 

• Evaluate your automation partner. Most companies choose to partner with a 3^rd party provider to access tools at a lower cost than building them internally. Your partner should have extensive expertise in mortgage processing and compliance, as well as a fundamental understanding of the typical technology platforms used in the industry. 

Which processes can benefit from Automation? 

Generally, any area of the company can improve from automation. Our RM Analyze team tends to focus on loan origination, client communication and processing first, followed by any issues a company is having with internal communication or software inefficiencies. 

• Origination & Processing – Reduce the manual processes for data collection and processing so your team can focus on more complicated loan products. 
• Fraud detection & Prevention – Complete fraud checks in line with compliance standards. 
• Appraisal Information Collection – Automated appraisal information collection can help reduce mistakes and improve file quality. 
• Loan Updates & Administration – Speed up the administrative steps that take up so much time for your processors. Keep customers informed without manual processes. 
• Compliance & Risk Management – We perform comprehensive testing to ensure your automated solutions comply with regulations. Automation can help reduce mistakes and errors that result in violations. 

What can leaders expect from RM Automate? 

RM Automate is built for mortgage lenders by mortgage technology experts. Our process is designed to focus on automating tasks that cut into your bottom line, frustrate your employees, and create compliance risk. Our team is comprised of mortgage industry experts with experience from leading lenders. Our discovery process is focused on locating the “quick wins” to get your company running more efficiently right away, as well as creating a plan for technology issues. We are familiar with the tools you use and the regulatory requirements you need to meet, as well as the far-reaching effects of the pandemic from remote work to margin pressure and scalable production. After delivering our assessment, we set an implementation plan with company leadership and begin testing solutions immediately. We are committed to thoroughly testing our solutions, as well and training your staff to adopt new processes that save time and free up their work time to focus on more critical tasks. Finally, we provide ongoing consulting by searching for more tasks that can be automated to drive further efficiencies. 

Contact us today to learn more about our RPA solution, RM Automate. Our team is ready to help you prepare for the future of lending.