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For Banks and Mortgage Lenders, the Time to Automate is Now

Tile Banks Automate

These unprecedented times demand new tools and new ways of working if organizations are going to thrive.

In these uncertain times, one of the key watchwords for banks and mortgage lenders is flexibility. The ability of organizations to respond quickly and efficiently to changing circumstances in order to thrive has never been more important. The seasonal nature of production volumes in the industry, the sudden recession and the pandemic’s effects on the workforce are hurting companies that cannot provide smart, agile mortgages to their customers.

Thankfully, artificial intelligence has begun to play an important role in many lender’s ability to scale resources and responsiveness, which is positively impacting the organization’s bottom line. In the early days of AI, there was a general fear and wariness about how technology would impact the workforce, but as it has evolved and matured, it’s more and more clear that AI makes a real difference to the quality of work and job satisfaction levels that staff members experience during a working day.

For lenders who take up the new generation of software, the returns are immediate. From the very first loan processed, there is a return on investment. And the Community Document Model from AI Foundry makes the setup and implementation of sophisticated software extremely quick and easy to achieve.

Scalability can make the difference between thriving & surviving

The ability to scale up capabilities during the busy season, and then to scale down again has always been key for successful lenders. It’s a key driver of the mortgage industry According to the National Association of Realtors, “The number of home sales increases significantly in the spring season. Specifically, sales activity between February and March typically increases by 34 percent while prices rise by 3 percent. Sales continue moving upward in the following months, but it is interesting to see that the busiest home selling months are May, June, July and August.”

Automatic classification and filing of documents in busy periods can make the difference between profit and loss. It’s really that simple. Lenders that are forced to wait for staff to collate, check and verify documents simply cannot process the number of loans required to be successful. 

Automation means you don’t have to hire large numbers of people, get them up to speed, then lay them off again when it goes quiet. That whole cycle is inefficient, and expensive. Software robots that only require a once off installation, that are always available if and when they are needed, are a game changer.


At the beginning of 2020, who would have predicted that vast swathes of the workforce would be required to work from home, that traditional offices would be gutted, and that millions of people would be refinancing their homes as a way of staying afloat as the economy flat-lined?

Yet for millions of people, that is exactly what has happened. Banks, fintech companies and mortgage lenders have been forced to find ways of working with a dispersed and diminished workforce. Thankfully, AI Foundry has been developing technology for distributed teams for the better part of a decade.

By rethinking the organizational silos of the front and back office, and leveraging the latest in AI and Machine Learning, AI Foundry is helping customers navigate these unprecedented times and still gain the maximum value from their data.

The outsourcing of repetition to robots

One of the least enjoyable aspects of working in a mortgage back office has always been the number of repetitive tasks that are required of staff. For years, a large part of the work day was spent on ‘stare-and-compare’ tasks - making sure that all relevant documents had been filed, that signatures matched, that all the relevant information was filled in.

For many skilled, ambitious, creative employees, this was the part of the job that they dreaded, and which led to job dissatisfaction. Thankfully, repetitive data-driven tasks are the arena where robots and software thrive. They can achieve in seconds what humans take hours to complete with more accuracy and at a lower cost. At the same time, the presence of software robots frees up employees to work on more creative problems or attend to clients’ needs - an aspect of the job that machines are not good at doing.

Initially, it was feared that the rise of AI would mean a jobs bloodbath, but increasingly it looks like AI might instead lead to greater job satisfaction among employees and improved levels of customer service.

The good news is that the industry is coming to grips with the new reality fast. More and more firms are seeing the value of integrating AI into their workflow, and understanding what it can do for them. Early adopters are already leading the way and attracting the kinds of volumes that they could only dream about when they were operating manually. The bottom line for lenders is this: the time to move is now. The technology is mature, the market conditions for disruption are perfect, and if you’re not in the process of automating, then you’re already falling behind.

Ready to get started? Get in touch today.  AI Foundry guarantees a 2-hour turnaround utilizing any cognitive robot and a 4-hour turnaround to complete a correspondent loan package. All with 99% accuracy out-of-the-box.