A lender achieved 100% straight through processing with the Mortgage Loan Estimate available in less than one hour from submission
An accurate and timely Loan Estimate (LE) document is a critical success factor for any Mortgage Lender. Due to the manual nature of the process, the turnaround time is impacted as loan volumes increase, leading to backlogs that impact loan conversion rates. In addition, staffing misalignment with loan volume compounds the issue, delaying the LE completion.
The loan backlog, the manual processing, and the loan variability further impacts the LE error rate, which in turn impacts the Mortgage lender’s revenue, and their ability to maintain a healthy relationship with their brokers, which are the lifeblood of their organization.
The Solution
The MOZAIQ automation platform delivers pre-configured digital workers, using Robotic Porcess Automation BOTS, that run 24×7 and deliver a Loan Estimate document in less than one hour from submission of the request. The digital workers alleviate the strain caused by sudden spikes in loan volume, clearing the backlogs and preventing future delays. Automation increases the accuracy of the Loan Estimates, reducing the error rate to near zero.
As with all of MOZAIQ’s offerings, the LE solution is priced on a per-loan basis, enabling the Lender to keep the loan origination costs in check without incurring incremental resource costs.
The Benefits
The lender benefits from 100% straight through processing, with the LE delivered in less than one hour from submission request. This allows the lender to deploy operators in value-added services such as managing the broker relationship. Furthermore, the digital workers (BOTS) enable an accordion workforce, automatically scaling with loan volumes, up or down.
The High accuracy and fast turn around times further strengthen the broker relationships, allowing the lender to gain a competitive advantage. Finally, the increased Quality of the LE is enabled by the accuracy rate of over 99% thanks to the near elimination manual errors.
The MOZAIQ LE offering is a game changer, enabling us to scale up or down depending on our loan origination volumes, and allowing us to strengthen the relationship with our brokers in these challenging times.
