Using valued resources wisely is paramount to success in the current mortgage environment. Leveraging robotic process automation (RPA) and artificial intelligence (AI) means lenders and servicers can automate manual, repetitive tasks and use the expertise of mortgage professionals where it will make the most difference.

LoanComplete from Fiserv uses RPA and AI to solve one of the most common problems facing lenders and servicers who want to automate — the ability to decode different kinds of documentation and use this information to automate tasks typically performed by humans.

Using Intelligent Content Recognition (ICR), which can classify both structured and unstructured data, LoanComplete can automatically identify documentation from loan packages, detect and identify the final version of those documents, and accurately extract loan data to automate data driven workflows.

The solution converts all pages of the document to text, allowing it to then extract loan data information from borrower-supplied income documentation, third-party documentation and other sources. The extracted data is delivered to the business rules engine to automate manual steps that would normally be performed by processors, underwriters and closers. The business rules engine ensures data integrity, checks that data matches across all required documentation and populates any missing or inaccurate data fields in the LOS or Servicing System with the correct data.

LoanComplete uses loan data information to determine what documents are required for a loan file based on conditional logic that identifies whether documents are required or optional – one more way the LoanComplete solution and AI lighten the workload for users, who would traditionally have to do this themselves. The loan data information can include factors such as the type of loan product, loan-to-value ratios, state specific documents and dollar amounts.

As documents are received and processed through the Intelligent Content Recognition software, LoanComplete automatically attaches them to the Loan Audit Record within its system. The documents can also be automatically delivered and imported into a LOS.

This automation has resulted in significant efficiency gains for LoanComplete users, with processing cycle times reduced by up to 50%. In addition, by automating the review process and having users review only the exceptions, onboarding audit and quality control times have been reduced by up to 70%. Now, lenders can increase quality control audits from a sample size of loans to a full, 100% review throughout the Origination lifecycle.  

“Implementing AI and RPA reduces the unproductive time mortgage professionals used to have to spend reworking the loan by ensuring proper documentation and data exist before moving onto the next stage of the origination process,” said Gregg Lehman, Financial & Risk Management Solutions at Fiserv. “Alerting users of problems with the loan early in the process allows issues to be addressed quickly instead of appearing and needing to be fixed after the loan has already been closed and funded.”

LoanComplete:

  • Extracts income data from borrower-supplied paystubs and W-2s, checking for accuracy across documents and eliminating the need to stare-and-compare
  • Delivers missing income data to the Loan Origination System to eliminate the need for manual data entry
  • Summarizes for both users and auditors a complete and trackable loan record that demonstrates a record of compliance of all documentation received and audited throughout the Origination process.

The ICR capability is just one part of the larger LoanComplete solutions suite, which includes the Comparalytics business rules engine, LoanTracker Case Manager and Delivery Manager solutions. Learn more at Fiserv.com/LoanComplete.

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