The Challenge
The loan packaging process needed to be shorter with reduced manual human error and rework and at a lower cost to remain competitive in the market and maintain margins. Economic conditions did not support addressed the challenge by simply improving existing processes and hiring more staff and training them better.
The Solution
Robotic process automation bots were implemented to perform the tasks summarized below.
- The bot downloaded the loan package and split the documentation by classification type.
- The bot correctly indexed documents and validated or identified missing documents or information.
- The bot updates the loan details on the LOS as required such as the order compliance report, flood certificate, fraud report, and loans in the LOS.
The Benefits
The solution resulted in 30% AHT reduction and greater than $3 MM USD of annualized savings
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