How is Mortgage Process Automation Transforming the Mortgage Industry?

By inflooens on November 13, 2020

how is mortgage process automation transforming the mortgage industry


When you are expecting quick results, manual, time-consuming processes can cause a headache, be it, the US elections or Mortgage Loan processing. The need to have Automated systems incorporated in these processes will give you faster results. Digital transformation is the need of the hour. Complex legacy systems and manual processing have become redundant.In this blog, we will discuss how is Mortgage Process Automation Transforming the Mortgage Industry.

Digital Transformation in the Mortgage Industry

Banking and FinTech have adopted digitization in their systems for a long time. Automation tools like Hyperautomation, Robotic Process Automation (RPA), Chatbots, etc. have enhanced business continuity across industries, particularly the Mortgage Industry. According to Fannie Mae's Mortgage Lender Sentiment Survey® , the Mortgage Lenders involved in digital transformation on workforce management issues saw increased advantages over their competitors. These advantages included increased productivity, reduced errors, lower costs, etc. as mentioned in below Figure 1.

survey of the impact of digital innovation in the mortgage-industry

Figure 1: Survey of the impact of Digital Innovation in the Mortgage Industry Image:

We have discussed the technology trends that have disrupted the Mortgage Industry in our previous blog.The Mortgage industry is predominantly process-oriented and is involved in numerous processes such as fraud check, appraisal orders, title orders, etc. Also, Mortgage applications have increased by 3.8 percent for the week ending October 30, 2020. To provide high-quality products, mortgage lenders need to adopt up-to-date and integrated mortgage process automation software technologies.

Benefits of Mortgage Process Automation

Mortgage Process Automationutilizes cloud and web technologies to accelerate Mortgage Lifecycle. Apart from accelerating the Mortgage process, there are other benefits of Mortgage Process Automation:

benefits of mortgage process automation

Figure 2: Benefits of Mortgage Process Automation

Inflooens’ Innovation in Financial Services is transforming the entire Mortgage Process by using Inflooens’ Empower Framework. It enhances the customer experience by providing an easy-to-use portal that gives information at your fingertips.

Types of Mortgage Process Automation

Process automation primarily refers to the automation of a process using a computer and its software. There are different types of process automation tools. Chief among them are Business Process Automation (BPA), Hyperautomation, and Robotic Process Automation (RPA). Automation tools are vital for customer relationship management (CRMs) as it enhances customer experience. More than 70% of Mortgage Processes are easily replicable and are prime candidates for automation.

Business Process Automation (BPA)

It is a business-specific type of automation. It is also called Information Technology Process Automation (ITPA). BPA automates the processes and workflows. It works on business rules, structured data, and unstructured data.It helps in streamlining processes, reduce paperwork, minimize costs, and decrease the time taken to do repetitive tasks. The software that enhances BPA is Robotic Process Automation (RPA).

Robotic Process Automation (RPA) and Mortgage Industry

Robotic Process Automation is a software application that uses software robots (bots) to automate tasks done by humans. RPA accesses the front-end of existing systems and performs the tasks done by a human through automated object recognition, optical character recognition (OCR).

The uses of RPA in the Mortgage Industry illustrated below:

uses of rpa in the mortgage industry

Figure 3: Uses of RPA in the Mortgage Industry Image:

The advantage of using RPA is that it can cut costs without the need to invest in expensive infrastructure and systems. It helps to minimize human error, increase accountability, and allows swift turnaround time. RPA platform automates tasks like data entry, document routing in lesser time. RPA enables Lenders to use their resources for complex issues that require human intervention.

As all manual processes are not suited for RPA implementation, Mortgage Lenders need to analyze and evaluate their existing processes before implementing RPA in the critical areas. RPA cannot replace Mortgage LOS, but it enhances the working of the prevalent quality systems.

Hyperautomation in Mortgage Industry

Hyperautomation is a combination of technologies like Artificial Intelligence (AI), Machine Language (ML), Robotic Process Automation (RPA), and Natural Language Processing (NLP). According to Gartner Top 10 Strategic Technology Trends for 2020, Hyperautomation is at the forefront of automation technology.

Hyperautomation in Loan Processing provides lenders insights into the customer requirements based on the facts and behavioral analysis of customers. It combines the automating factors of AI and RPA for effective automation of documents as well as sourcing information speech recognition, image processing, etc.

Hyperautomation is a cognitive automation framework that is a boon for Loan Origination Systems, enabling them to process loans at a faster pace. Any loan discrepancies or changes can be detected immediately by Hyperautomation. The use of AI-enabled chatbots is enhancing the customer experience. Also, accurate customer information gets entered into the central system without any errors.

Inflooens’ Post-Closing Automation feature automates customer’s paperwork to save valuable time and resources. The hassle-free post-closing process is reliable and efficient.


In the competitive workplace, Mortgage Lenders need to adopt Mortgage Process Automation to stay ahead in their business. Automating mortgage processes will reduce the stress of the Mortgage Lenders by removing bottlenecks to make the Mortgage Process easier. Inflooens Mortgage CRM platform is the smartest Mortgage CRM in the market that makes the borrowing journey for customers truly digital and customer-centric.

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