How Mortgage Automation Software Drives Compliance & Customer Service

In order to accelerate mortgage loan processes, improve customer service, and optimize internal procedures, more and more banks are implementing IT solutions that allow for improvement or full automation. By adapting mortgage automation software into your business model, you can streamline communication, access important information easily, and lower administration costs.

Financial adviser showing terms of contract on tablet

Mortgage Automation for Granting Loans

Mortgage lending processes are complex and involve making decisions for long-term liabilities thorough considerable analysis of both customers and collaterals. By implementing mortgage automation software, customer’s credit can be thoroughly assessed, which significantly reduces the risk of potential losses and the percentage of bad loans being granted.

A simple automation business process can be divided into the following stages:

  • Application submission
  • Application analysis
  • Credit rating and customer risk
  • Decision-based on credit
  • Fund disbursement and contract finalization

From the point of view of the customer, the most important factor is the time it takes from the moment the application is submitted to the moment they receive their loan. For many customers trying to make a mortgage purchase, the shortest time to grant a loan is often more attractive than the interest price. Too slow of a mortgage process can lead to customers not being able to use their loan to make a credible offer on the property they’re interested in.

If a customer loses their opportunity to use their mortgage, the bank also experiences a negative effect. A dissatisfied customer will likely decline future applications, voice their opinions online, or share their poor experience with potential customers. Being able to speed up mortgage loan processes through automation helps lenders stay ahead of their competition, and continue to deliver quality service to loyal customers.

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Mortgage Automation Software Saves Time with Mortgage Applications

With mortgage document management software, it’s possible to shorten the time of granting mortgage loans, reduce administration mistakes, and better match offers to customers. In the long run, faster processes have other benefits that include:

  • An increase in the number of loans sold
  • A reduction in the risk for loans granted
  • Enabling scoring or credit score calculations
  • Implementation of algorithms processing data entry within the process
  • Universal platforms for internal consistency
  • Improved transparency of processes for better cooperation between process stages

Mortgage automation software may include identifying actions at any stage of the mortgage loan process. From initial customer needs, through loan simulation and application submission, elements that may contribute to a faster process can be modified in response to the changing needs of your institution.

Revolutionizing your out-dated, paper-laden traditional mortgage process with a solution that actively engages borrowers and lenders will help elevate your customer experience to a new level of value. By creating a collaborative, accurate and transparent environment, you’ll be able to differentiate yourself from the competition, offer premium services, and improve your bottom line.

Driving Loan Sales with Mortgage Automation

Organizations in the business of lending are under pressure with loan approval process decisions, income verification, and countless manual processes. With high processing costs, strict compliance requirements, and increased customer demands, banks must still maintain levels of profitability.

Support for Credit Processes

Automation solutions allow for better monitoring and detection of bottlenecks. By identifying areas of optimization, organizations can reduce the risk of processes slowing down, getting stuck, and causing frustration from employees and customers.

Auditability of Credit Processes

Mortgage automation creates easy accessibility for tracking process histories, making changes, or submitting for approvals. A defined workflow automation system allows for clear task assessment, with specific schedules for execution, progress tracking, and easy approval.

Reduction of Operational Errors

Mortgage automation software implements processes that reduce the risk of human error when granting a loan. The use of automation also prevents endless copying and pasting, re-keying and reconciliation that are typical errors that increase risk and threaten compliance.

Despite the unpredictable nature of the mortgage sector, the cost of processing loans is rising, along with the increased demands from customers. In today’s on-demand world, applicants have lofty expectations for speed and service. As a result, banking institutions are adding various technologies to help them close faster and at less cost.  

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Mortgage Automation Delivers Better Accuracy 

During the implementation of mortgage automation software, repetitive and error-prone manual tasks are easy to automate. New technologies help to relieve the mindless manual work, which allows analysts to process applications more quickly, maintain compliance, and focus on customer relations.

When using manual methods, analysts must physically review each income-verification document, transfer relevant information from each one into their system, and risk entering in conflicting information. The results are input into customer relationship management (CRM) or another recordkeeping system, which allows for more opportunities for errors.

With automation software and cloud systems, income-verification documents are automatically downloaded. The applicant’s income information is extracted and uploaded to the system, without analysts having to manually enter information into multiple systems. This easy process allows analysts to verify that the necessary information, and pass the application along for review or approval.

Automation software also provides loan servicers with compliance solutions that ensure quality control in accordance with the mortgage origination process. Instead of being pressured by intensified pre-housing bubble levels, mortgage servicers have the tools they need to ensure accuracy, completeness and compliance of loans.

How to Get Started with Mortgage Automation Software

DRS Imaging provides a complete line of outsourcing services, such as Document Scanning, Document Imaging, Document Management Software, ECM Software, SaaS Cloud ECM, Electronic Forms, Data Capture, Facilities management, equipment maintenance, and Microfilm service. DRS Imaging also provides turnkey document management systems, document scanners, and OCR & ICR capture platforms.

DRS Imaging is focused on successful mortgage automation services for your organization. For the financial industry, we believe that the smarter you are with your information, the greater impact you’ll have on solidifying your customer relationships. Let us help you save time, streamline your processes, and lower your expenses. Get a quote today.


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