With the acquisition of Nuevora, Sutherland Mortgage has expanded its existing capabilities using analytics and artificial intelligence. Sutherland’s solutions are designed to translate massive amounts of data into useful real-time action that drives new-customer acquisition, minimizes customer churn, optimizes pricing and lowers the cost of operations. The company’s SmartRPA and SmartMortgageAPP were created to transform the customer’s business for the digital era.

logoWith a demand from tech-savvy consumers, Sutherland utilized robotic process automation (RPA) in SmartRPA.

The “robots” in RPA are software routines that can be programmed to use a mortgage company’s enterprise application to gather, read, understand, react to and execute new data entry activity according to business rules.

RPA reproduces human decision-making and data entry using a virtual keyboard and mouse, controlling applications through the existing commands of legacy systems already in place.

“SmartRPA is a transformative solution that brings together human and virtual agents, providing a faster and more effective means for completing tasks,” said Krish Swaminathan, senior manager of client relations at Sutherland.

In a recent study, Sutherland found that RPA expedites its mortgage process by 20% through automation. More specifically, Sutherland reviewed a 300-item QC checklist and identified about 60 items, or 20% of tasks, that could be performed by a robot instead of a human.

RPA integrates with any LOS or servicing system to perform complex, rules-based, or checklist-driven work. The product can easily be scaled up or down to meet changing workload needs, has availability 24/7, a higher level of accuracy, reduces costs and improves morale, freeing humans of repetitive tasks. And to maximize its benefits, this product is combined with other tools like SmartOCR and minibots.

Sutherland’s SmartMortgageAPP is the only mobile app in the market focused on the operations aspect of the loan lifecycle.

The app allows borrowers to streamline and expedite the origination and loan modification processes with improved communications and document collection, allowing visibility into the status of the loan throughout the lifecycle. Borrowers have the ability to upload required documents via mobile devices, track timelines of progress to their loans closing.

SmartMortgageAPP cuts several days off the time to close, providing a faster process. The app was also created to improve communication between the processor and borrower in the operations stage and reduce cycle times.

The product includes two digital rooms that allow processors to communicate with the borrower at any time, and features push notifications to all parties, an easy uploading process for documents and simple integration with any LOS.

Users of these products appreciate the ease of integration, development and deployment. Sutherland takes a design-thinking approach to create products that not only move the industry forward in automation but also create a meaningful customer experience.

“It’s transformative,” said Neil Armstrong, vice president of mortgage business development at Sutherland.

“As an industry, we have seen the cost per loan more than double since 2010.  Technology needs to enable us to look at our processes and find a way to get our productivity per employee back to a higher level. RPA allows us to achieve this.”

PRODUCTS: SmartRPA and SmartMortgageAPP

SNAPSHOT: SmartRPA is a transformative solution that brings together human and virtual agents, providing a faster and more effective means for completing tasks. RPA integrates with any LOS or servicing system to perform complex, rules-based, or checklist-driven work. 

SmartMortgageAPP streamlines and expedites the origination and loan modification process. Borrowers now have the ability to upload required documents via their mobile devices, while offering real-time visibility to the loan process as documents are received in the system.