Using Automation to Improve Internal Processes
When mortgage lenders decide to invest in business process automation (BPA), they’re counting on drastic improvement. Many of the benefits are internal, such as increased productivity and accuracy. These improve a lending system from the inside by allowing for more seamless transactions, better data, and more efficient workflows.
Smooth Transition From Existing Systems
Transitioning from pre-existing processes to BPA can be challenging. Mortgage lenders already have many systems in places such as data systems, workflows, and processes. In an industry where quick turnarounds are essential, lenders can’t take the time for a slow transition over to a new system. Luckily, BPA can be installed gradually without disrupting existing systems and slowing down processes. Lenders can continue to provide swift service even during the transition process, which can take as little as 60 days.
More Efficient Workflows
Mortgage lenders often settle for “good enough” when setting up processes—there’s simply too many of them, from processing and notifications to data entry and document routing. Manually setting up consistent processes is basically impossible. However, inconsistent workflows can be a huge waste of time and money. BPA provides the answer by allowing for greater speed, definition, and consistency in processes, which ultimately improves efficiency, data collection, management, and analytics.
Increased Productivity, Shorter Time Frames
For any professional, time is valuable. Unfortunately, much of the mortgage lending process is redundant and time-consuming. To run a productive business, repetitive tasks need to be automated and streamlined. As BPA facilitates this transition, more focus can be placed on higher-level tasks, timelines can be reduced, and more applications can be closed within a shorter time frame.
Better Data Accuracy
Everyone makes mistakes, and professionals who process loans are no exception. Human error causes problems that often take a great deal of time to remedy. According to the Institute for Robotic Process Automation (IRPA), one error for every 10 steps in the loan process is common. Since BPA can do these same processes with zero errors, no training, and within a shorter time frame, it’s obvious that lenders should take advantage of automation to improve data accuracy.