Before you can issue a mortgage loan, you need an intense amount of documentation. Tax records, pay stubs, credit reports, bank statements, home inspections: Mortgage applications can easily grow to 500 pages. To further complicate the process, documents originate from different stakeholders, any one of whom can grind the application to a halt with a single overlooked email.
All-in-one mortgage automation software streamlines the process, acting as a robotic processor of documents and a virtual project manager. A core of Business Process Management (BPM) software sends action notices to each participant in turn—from borrower to loan officer to third-party vendor—to keep applications moving forward. And while there are plenty of single-function automation solutions on the market, lenders should avoid stringing together an ad-hoc system with multiple apps that may not interact easily—and that each requires a separate licensing fee. Instead, choose Nividous as your mortgage automation platform provider
The Nividous hyperautomation platform combines BPM with Robotic Process Automation (RPA) and Artificial Intelligence (AI), and can be used to create a centralized loan-management system without changing out the existing systems that you have already invested in. When human actors need to perform a task, the Nividous platform lets them know—while completing back-office, data-handling tasks behind the scenes with smart RPA bots.
By integrating mortgage workflow management and RPA task completion, the Nividous platform provides two powerful benefits to lenders. First, it creates a much better customer experience, free of delays, confusion, and transparency flaws. Second, it allows lenders to handle volume fluctuations without staff churn. With smart RPA bots handling repetitive tasks, intelligent automation is infinitely scalable. That means you can stop rushing to grow your staff when mortgage rates are low. Intelligent automation creates a more stable workforce, reducing training costs while providing experienced workers with more dependable employment.
Nividous has helped other lenders streamline their mortgage processes. Here are just two examples—one fairly simple, the other comprehensive—that illustrate the possibilities and the benefits.
One mortgage company had a laudable goal: They wanted to quickly generate pre-approval letters while sitting on a beach. This wasn’t just a team of lenders looking for the ultimate remote-work gig; it was a bid for a much better customer experience. With an automated pre-approval process, borrowers can obtain documentation on demand—and anyone who’s stumbled onto a dream home in a competitive market knows the value of being able to produce a pre-approval letter on the spot.
Nividous robotic process automation (RPA) bots helped to integrate the company’s loan origination software, Encompass, with text and email channels. This allowed loan officers to control pre-approval processes using the ultimate beachside toolkit: a smartphone.
Not only did this automation generate pre-approval letters, it also sent them to all the relevant stakeholders, including borrowers, real estate agents, loan officers, vendors, and more. In short, the Nividous platform gave loan officers the power to respond to pre-approval requests anytime, anyplace—including the beach. That unprecedented responsiveness helped this mortgage lender attract and retain customers who were grateful for quick returns on pre-approval requests.
Another mortgage company was an industry leader for more than 25 years when their legacy loan origination system began to show its cracks. The user interface was clumsy, complicating training for new hires and reducing overall productivity. Even worse, the system caused delays in adapting to industry regulation changes. In short, it wasn’t responsive enough to support growth.
With an enterprise-wide Business Process Management System (BPMS) from Nividous, this mortgage company automated more than 40 manual processes—without the burden of migrating to a new loan origination system. That cut down on the training challenge, reducing employee-onboarding costs by 75%. It also allowed the company to adapt to new regulations, thanks in part to an 80% reduction in processing time for loans. Overall, these benefits increased revenues by 40%. (Here are the details.)
Want to experience the benefits of Nividous mortgage automation software for yourself? Schedule a free, personalized demo today!