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How Robotic Agents Fight Mortgage Processing Profit Drains

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A Quick Read on Five Ways That Software Robots Improve Mortgage Processing Quality, Accuracy, Transparency and Profitability

Arvind Jagannath 
Director, Product Management, AI Foundry 

Earlier this month, I wrote an article for BAI Banking Strategies titled “Take Me to Your Lender: How Robotic Agents Fight Mortgage Processing Profit Drains.” We are at a critical period in transforming the back-office for mortgages, so I wanted to highlight a few ways that software robots can improve mortgage processing quality, accuracy, transparency and profitability.

According to a 2018 survey by J.D. Power, speed of contact is a critical factor for driving customer satisfaction. Currently, mortgages are slow, inefficient and expensive. It is clearly time for a change!

I hope that you can take a look at the full article for details, but here is a quick preview of the five main points that I discuss around the benefits of software robots:

  • Improved speed – helping employees complete daily tasks faster, reducing the time spent on document review, and eliminating the need to re-key information into the system are a couple of examples.
  • Fewer errors – missing or incorrect data can occur during the manual (human) keying of information. This can lead to delay and frustration for home buyers, and even compliance issues. Software robots can improve accuracy and reduce errors.
  • Better compliance – using robotic agents, lenders can pre-load a set of rules and regulations into the system to ensure the proper data handling, helping to meet local, state and other requirements.
  • Less paperwork – let’s face it…who likes a lot of paperwork? Software robots reduce hardcopy paperwork, and enable smoother document transfer, storage and retrieval.
  • Better transparency – In addition to extracting data, robotic agents can also add a new level of context around the data…and seeing the information in context gives a full picture that leads to better decisions.

I invite you to take a look at my article in BAI, and would be interested to hear your thoughts and feedback. Are there other benefits of robotic agents that I have missed? Let me know.