The lender was able to increase their mortgage loan delivery throughput four-fold by automating loan delivery
The faster a mortgage loan is delivered and sold to an investor, the faster the mortgage lender can replenish its line of credit (LOC), minimizing borrowing costs and putting the LOC to use on the next loan. The loans must be sent by a specified delivery date with all required documents and data to avoid incurring late fees.
Delivering loans is a lengthy and tedious process as it involves voluminous data entry across multiple systems: the lender’s Loan Origination System (LOS) and the Investor’s Website.​ Backlogs can occur especially during peak volumes, delaying the loan delivery process, impacting the mortgage lender’s already thin per loan margin.
The Solution
The MOZAIQ automation platform delivers native API integration and pre-defined digital workers, or Robotic Process Automation BOTS, that run 24×7 ensuring an accurate, timely and zero failed deliveries of the loan to the investor. The MOZAIQ solution enables the mortgage lender to automatically deliver loans to both GSEs (e.g. Fannie Mae, Freddie Mac) & Non-GSEs.
The platform is priced on a per-loan basis, enabling the Mortgage Lender to keep the loan origination costs in check without incurring incremental resource costs.
The Benefits
The deployment of digital workers has reduced manual processing by over 70%, in turn enabling the daily loan volume processed to increase by up to 3.5 times with the same FTE count. The efficiency of the mortgage ops user has improved significantly; they now spend 10 minutes per loan (down from 35 minutes per loan) with an improved daily capacity of 42 loans (up from 12 loans per day). Furthermore, the digital workers (BOTS) enable an accordion workforce, automatically scaling with loan volumes, up or down.
