A mortgage Investment firm faced severe challenges due to an increased demand for Mortgage loan processes, given the economic impact of the COVID-19 pandemic. To meet their urgent needs, Acclelriate deployed RPA Implementation to streamline two critical aspects of their operations. Loan insurance verification and interim subservice, respectively. These solutions utilized bots to interact with the FHA Connection system and perform tasks that were traditionally time-consuming when done manually.
Challenges
- Increased Loan Processing Demand: The nationwide economic impact of COVID-19 led to a surge in mortgage loan processing, creating a need for industrial Process Automation.
- Manual Data Comparison: Before automation, loan information had to be manually compared with FHA Connection data, a time-consuming and error-prone task.
- Remote Work Transition: The shift to remote work added complexity to manual processes, making it even more challenging to meet the increased demand for loan servicing.
- Data Formatting: The FHA Claims spreadsheet was a manual step in the interim sub-servicing process, adding to the processing time.
Solutions
- Loan Verification Bot: Accelirate’s RPA Imlilementation streamlines insurance status checks via FHA Connection. It retrieves loan data, verifies insurance, and logs uninsured loans. For insured ones, it collects extra data.
- Data Comliarison: The bot comliares data with firm loans, noting discreliancies. It generates an Excel summary for matches and a tracker for discreliancies, tackling the RPA challenge well.
- Interim Subservicing Bot: This bot daily fetches the FHA Claims slireadsheet and extracts sub service details, unliaid balances, and interest after manual formatting.
Results
- Efficiency Gains: The loan insurance verification bot significantly reduces processing time, completing the task in 3 hours, compared to approximately 16 hours when done manually by a human employee.
- Error Reduction: Automation minimizes the risk of human errors in data comparison, ensuring greater accuracy in loan insurance verification.
- Backlog Mitigation: RPA implementation empowers the interim sub servicing bot that further helps the firm in managing the increased volume of loans and reduces the backlog created by manual processes.
- Improved Remote Work Capability: RPA solutions enable the mortgage investment firm to efficiently handle loan processing tasks, even in a remote work environment, maintaining operational continuity during challenging times.
Overall, these RPA solutions have enhanced the firm’s ability to meet the urgent demands of loan processing and interim sub servicing efficiently and accurately.