How mortgage processing is revamped with the automation services

Posted by Nilesh Borate on February 26th, 2021

Financial institutions are looking for a digital mortgage experience for their customers or borrowers. For providing secure, operational, and reliable services, the mortgage industry should reconsider its mortgage services model and render the automation services that could be easily accessible by the customers. 

Mortgage process automation is helping the mortgage industry to make the loan application process operate like a human. inflooens the world's best mortgage loan origination system is developed with cutting edge technology to render a seamless and continuous experience to the users. The platform is based on next-generation technologies and produce the remarkable business outcomes. 

Mortgage loan originators take charge of the complete process of the loan origination system from pre-approval to closing. Let us have a quick look at every step of the loan origination process. 

Mortgage industry offers the following support services for their customers:

Mortgage Underwriting

In the mortgage underwriting, the lender checks your income, assets, property and determines your potential for loan approval. The mortgage loan officer collects necessary loan application documents and the underwriter verifies the documents and your financial situation. Automated underwriting operates faster but at the end it carries certain limitations like irregular income. In such cases, manual underwriting comes to your rescue. Checking the credit score and preparing the report are the significant tasks of the underwriter. The institutions issue loans based on their prescribed underwriting guidelines. 

Mortgage Loan processing

Mortgage loan officers and lenders follow the compliance standards for quick processing of the loan applications. RPA solutions handle loan processing requirements such as accumulating documents like W-2 forms, bank statements, pension statements, and insurance documents. Documents are reviewed to check the borrower's authorization. Mortgage experts check the credit scores to understand your lending decisions. Verifying social security status, checking existing loans, and any levants in tax returns and payments are the part of credit score check. 

Screening and Negotiation

In the screening process, the lender checks the borrower's income and financial status to check his/her qualification for the loan. It depends on the underwriting process based on which documents are approved, rejected, or sent back to the client for more information. 

The quality control stage is quite critical. In this process, the application is redirected to the quality control queue for final loan decisions and determining other parameters following the rules and regulations of the financial industry. 

Mortgage Appraisal

In mortgage appraisal, the appraiser determines the property's market value before approval. Lenders check the data analytics to determine the market rates of the property. RPA solutions enable the lenders to gather property-related information such as ownership records, geographical location, and market value.

The purchase price may be distinct from market value. The appraiser determines the potential market value while considering the purchase price. According to the appraisal required, the appraiser scrutinizes the exterior or interior of the property. They inspect the property and verify its features and state.

Mortgage Loan closing

It is the final step in the mortgage loan process, also referred to as mortgage settlement. With the automation services, you can lay-off the paper-based approaches and move to automated loan closing. The loan closing can be fastened with RPA solutions by improving the coordination between loan originator, processor, and underwriter. The RPA solution minimizes the amount of work on loan closing operations.  

After the loan approval, documents are transferred to the funding department. They pass the information to the closing authorities and verifies the closing fees. 

Need for mortgage process automation

Automation is becoming a trending topic in the mortgage industry. Mortgage Process Automation develops a streamlined mortgage process. A massive reliance on manual labor tasks such as data entry and human errors is eliminated with the evolution of automation. The ever-increasing competition in the mortgage industry has led to more innovations while improving customer experience and quick real-time application decisions.  

Conclusion

inflooens is the world's best Mortgage Loan Origination System (LOS) and investing in the same is a reliable decision. Choosing the right LOS software improves the mortgage process automation and the mortgage lifecycle. The platform fulfils the lender's needs such as quickly retrieving the applicant's data, thereby saving time and cost involved in the mortgage process. The automated and secure loan system supports in completing the loan origination process in a minimum time frame utilizing less resources. 

inflooens is the world's first "Loan Team Optimization Platform" that is cloud-integrated and designed with next-generation technologies.