Resilience with Intelligent Automation
Intelligent automation is a combination of artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) that enables companies to offload repetitive tasks (what we call “swivel chair” tasks) to digital workers, enabling valuable resources to deliver services higher in the value chain. After all, a mortgage is a commodity product, and companies must differentiate through efficiencies, lower costs and customer service.
We’ve been in the mortgage enablement business for over twenty years, starting when we created the first mortgage-centric BPO firm to bring efficiencies to lenders, and now through MOZAIQ, where we use intelligent automation instead of offshore workers to turbo-charge the mortgage backoffice.
But why mortgage and intelligent automation? Think about it: cyclicality due to sensitivity to interest rate fluctuations, tight margins susceptible to shrink at the slightest shock, massive amounts of paperwork begging to be digitized and automated, and the cost per loan – mortgage lenders understand this very, very well.
And the mortgage back-office is the last place that gets digitized – lenders are focused on digitizing their customer-facing systems, neglecting the back office, scaling it with antiquated technology and people, people, more people. Until they have to let them go because the loan pipeline is dry.
How The Loan Store created the mortgage business of the future today
The Loan Store (TLS) values exceptional broker service and satisfaction, so to achieve the operational excellence needed to uphold these values they partnered with MOZAIQ to augment their processes with automated solutions from their inception – on day one.
MOZAIQ’s mortgage process automation platform leverages best of breed solutions combined with proprietary IP to automate mortgage processes for Loan Setup, Underwriting, Closing, Post Closing and Servicing. The solution deploys trained, reusable digital workers to execute mortgage processes and seamlessly integrates with common loan origination platforms, all supported by a robust and secure audit and reporting function. The solution uses pre-trained AI models to execute complex mortgage processes at unprecedented speed, scale, and accuracy.
Key benefits The Loan Store is realizing include:
- 100% Productivity increase
- 60% Cost savings
- >80% Straight through processing
- >25% Compressed mortgage loan turn times
In addition to significant cost savings and higher productivity, compressing the overall loan cycle time has many benefits. Employees are free to focus on higher ROI work, customers receive approval and funding faster, and the cost savings are passed on to the customers with low-cost lending.