Mortgage brokers and correspondents work with multiple lenders to match customers with just the right loan program to fit their needs. But while data standards have smoothed the exchanging of data sets between originators and their funding partners, the process is still weighed down by the work involved in collecting, tracking and reviewing the underlying documents that substantiate that data.
LoanComplete from Fiserv helps accelerate these processes through a single solution that combines advanced OCR with machine learning, easily modifiable business rules, robotic process automation, and the secure auditable exchange of data, imaged documents and natively electronic records.
“We make it easier for both the originator and the purchasing lender to focus their energy on system-identified exceptions only, because the solution is doing most of the information analysis for them,” said Kim Weaver, director of product strategy, Financial and Risk Management at Fiserv.
“This frees up the originator to spend more time with their borrower customers and generate more loans. And it enables the purchasing lender to evaluate and buy loans faster with less risk, therefore becoming the lender of choice for their originator customers.”
For originators, Fiserv’s SaaS offering saves them 50% or more of the time they would normally spend on each file aggregating data and documents, reviewing and comparing the data, and tracking whether they have a complete package to send to the investor.
With the Fiserv solution, originators just need to feed the documents and data into LoanComplete, then review the system-identified exceptions, see what else is outstanding and then authorize delivery once the system alerts them everything has been received.
For wholesalers, the time savings is even more dramatic. Being able to automate the cross check of all documents present, translate the document names into their document naming conventions, extract data from the documents and compare it to the data file received streamlines their file review by 80% or more.
And because LoanComplete is available as SaaS, both originators and lenders see their ROI very quickly after they begin using the system.
“We see the evolution of mortgage technology as shifting from helping humans do the same manual functions faster, to now helping humans streamline their tasks by having the technology do as much as possible for them automatically,” Weaver said.
Key to this philosophy is the robust automation the company has been fine-tuning for 10 years. Fiserv uses the most advanced OCR available, which reads the document just like a human. It is continuously trained using supervised machine learning, to constantly increase its accuracy.
Because the OCR is reviewing the document like a human does, it can do many things with the document as it reads it, including identifying what type of document it is, determining what version it is, and whether it is signed (and if it was a signable document to begin with).
Using the business rules assigned to that type of document and other inputs like loan program and borrower details, it automatically extracts and evaluates data from the documents and compares it to other data sources.
Equally important, the business rules engine automatically reviews all this information and then converts it to POS/LOS inputs.
Fiserv experience from years of working with multiple point of sale and loan origination systems demonstrates that providing the extracted data, the classified documents, and the results of comparing the data to the stored LOS or POS data, enables the LOS or POS to perform additional steps automatically because a human user doesn’t need to update document received statuses or data fields manually.
“When you can provide this extracted data, with a clear trail of which version of which document it was extracted from, track all of the outstanding condition documents, and feed all of this into the LOS or POS immediately, it boosts the lender’s existing investment in their LOS or POS to be a more efficient solution,” Weaver said.
By supporting an eClosing and eVaulting workflow in conjunction with the automated file review and delivery workflows, Fiserv’s SaaS solution accelerates the delivery and purchase process, making it possible for brokers to close and wholesalers to purchase on the same day in some cases and accelerating correspondent loan delivery as well.
The use of electronically signed promissory notes and other closing documents, in addition to the automated review of the loan package, accelerates secondary market delivery without compromising on quality.
Fiserv’s SaaS solution is just the latest example of Fiserv’s commitment to innovative automation, which includes the first eMortgage system used to eClose and deliver loans to both GSEs, cohesive customer systems for document exchange both on paper and electronically, robust billing and payment systems, customer engagement portals from application through closing, and direct single source asset data sourcing from over 17,000 financial institutions.
“Fiserv has been supporting mortgage lending for over thirty years while continually innovating. We want to enable our clients to spend more time with their customers while enabling them to provide a superior experience more efficiently,” Weaver said.