Robotic Process Automation (RPA) in Lending

The mortgage industry has experienced a rise in applications over the past few years, making it difficult for lenders to keep up with the surging demand. 

2020 saw a 10% increase in mortgage applications compared to the previous year. In 2021, application rates saw another 8% jump. The deluge can overwhelm lenders with endless, mundane tasks. 

Technology can help lenders avoid these mundane, repetitive tasks. Tools like robotic process automation (RPA) can make the mortgage application process faster and more efficient. RPA automates time-consuming tasks and frees up resources so lenders can focus on loan processing that requires more personalized attention.

What is robotic process automation (RPA)?

RPA is a form of automation technology replicating the actions customarily carried out by humans. It uses algorithms and software bots to automate repetitive tasks that involve structured data or rule-based processes.

Unlike artificial intelligence (AI) and machine learning (ML), RPA doesn’t require extensive programming knowledge, making it easier for non-technical personnel to use. An RPA script may be as simple as copying data from one form and pasting it into another.

Since it’s designed to emulate human actions, RPA offers flexibility. The software can be adjusted as needed, allowing lenders to tweak the automated task’s timing and effectiveness. RPA excels in an environment where tasks are predictable, standardized, and repeatable.

RPA in lending

Handling a high volume of applications presents challenges. Clients demand a fast, frictionless process, yet the sheer number of tasks to get through can slow lenders down. Sacrificing customer service to devote more time to minutia won’t work. 

The best way for lenders to speed up their work and maintain accuracy is to turn to RPA tools. The bulk of the loan process involves tedious, standardized tasks that software can easily accomplish. 

RPA can help automate:

• Intelligent document processing

  Robotic process automation can quickly review and extract data from documents, including loan applications, credit reports, and income verification forms. Documents get automatically processed in a fraction of the time it would take humans.

• Customer verification

  Bots can assist with verifying customer information to ensure accuracy and compliance. These advantages are critical when checking for discrepancies between application forms and other documents.

• Data entry

  Robotic process automation makes data entry easier and more reliable.

Benefits of RPA in lending: Confidently approve more borrowers

Robotic process automation is a boon for busy lenders. The advantages of RPA in lending include:

Save time and money

If lenders can outsource their administrative work, the time that would have been devoted to tasks like verifying data gets used for processing additional applications instead. Ocrolus can analyze any document or image and quickly extract necessary information.

Transform unstructured data into structured data

RPA can take information from different sources and transform it into structured data. Lenders can then access the information they need without manual input.

Improve efficiency and productivity

Human workflows are positively affected by RPA. Workers can focus on the loan’s complexities while automated tasks get delegated to software.

Scale volume

RPA can help lenders scale up to meet demand when loan applications increase.  Efficiently scaling up is valuable for lenders who do not have the personnel to manage a large influx of customers.

Automate workflows for a better lending experience

Ocrolus supports numerous robotic automation processes that you can adapt to suit your workflow. You can trust that you’re receiving high-quality data because Ocrolus takes RPA to the next level by relying on a two-pronged approach: robotic automation and human review. With Ocrolus, AI gets enhanced by human-in-the-loop verification.

Our algorithms have been trained on more than 100 million pages of financial documents from thousands of trusted institutions, so lenders can approve borrowers without worrying about accuracy.

Robotic process automation in lending is a powerful tool that helps lenders stay one step ahead. By leveraging Ocrolus’ automation, you can reduce costs and speed up your loan application process. Intelligent automation in lending makes it easier to process applications quickly, accurately, and at scale.

With Ocrolus technology, lenders can approve borrowers in less time than it would take using purely manual methods. As the lending industry continues to grow, automation is the key to staying competitive.