Improve your Sales Operations Automation in Loan agreements

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welcome everyone to today's webinar on taking mortgage processing to the next level with intelligent automation my name is eric fisher and i'll be your presenter for this session at help systems we understand that building a better it is not a destination it is an ongoing commitment i.t complexity is the top risk for managing an it group on average corporations have over 900 applications being supported by it we are building a product portfolio that can help it organizations get the critical functionality they need while reducing the complexity they face we focused on two broad categories security and automation to bring value to our customers on the security side we provide a broad portfolio of solutions that include data security such as our go anywhere secure file transfer software and our clearswift data loss prevention product line that is in the gartner magic quadrant our core security iga or identity governance and administration product offers an integrated identity and access management suite including tools to manage broad profiles finally we have our infrastructure protection products that secure networks such as pen testing and vulnerability assessment services on the automation side we also have a broad suite including infrastructure automation such as vcm or vital capacity management workload automation like our jams product line for back office or batch automation and of course help systems automate rpa on which we're going to spend our time and focus today let's take a look at what we'll be covering in our time today first off we'll take a look at some of the challenges in mortgage processing then we'll examine some of the ways financial institutions are using rpa in banking and mortgage processing next we'll show how to leverage intelligent automation for the mortgage origination process and finally we'll show a little bit of automate and automate intelligent capture in action so what are some of the challenges in mortgage processing first we'll take a quick glimpse at the current mortgage market uh the average time to close a loan is roughly 47 days the 2020 origination volume was around 3.9 trillion dollars 777 000 of which coming from new homes which was a 14 increase year over year and 2.4 trillion coming from refinancing this giant refi wave has put tremendous stress on loan originators and mortgage banks highlighting even further some of the pain points of the origination process that are ripe for automation ensuring the mortgage origination process goes smoothly is a significant challenge mortgage lending companies require more documents than other organizations in virtually any other industry the time and effort required to process these forms is a significant strain on resources mortgage lenders process hundreds of applications daily but with so many documents involved the process requires significant manual effort and is prone to error and delay ensuring data privacy accuracy and regulatory compliance is essential in this multi-step heavily regulated process many financial institutions rely on older banking systems so the importance of digital transformation and reinventing a process that was intended to be an in-person process to include new technologies like e-signing is an ongoing consideration add to that the uh covid pandemic the forbearance that comes out of that potential changes in the 2021 market um like increases of purchases and the inability to hire kind of quality loan officers and underwriters leads to more opportunities to incorporate rpa to streamline your processes all right we've made it to our first polling question how many loan applications are you receiving each month we'll give a minute for those responses to come in all right looks like most people are unsure and then we have a range from anywhere from less than 100 to a fair amount with a thousand plus so quite a range of applications now that we've received and reviewed some of the challenges to loan origination and processing today we'll take a look at how financial institutions use rpa in banking and mortgage processing some of the common areas we see our bank and credit union clients using rpa to enhance their processes our loan underwriting which we'll take a little look at today debit card fraud processing regulatory compliance adherence creating an audit history of every step in the process regulation d violation letter processing account closures so closing an active credit and debit cards especially during the seizurement process in an air free fashion loan bundling eliminating manually preparing each loan individually by allowing rpa to group and prepare loans priority management for incoming customer inquiries the know your customer process management by enforcing anti-money laundering policies identity and risk verification ach stop payment processing daily and overnight processing including pulling data or running or creating reports overnight so they are ready for the start of business automated payroll information management copying members existing payroll departments into a new one cleaning and mining payroll data to ensure accuracy a few areas that aren't on the slide that we've seen rpa used as well is checking old overdraft authorization docs for signatures logging appraisal info into loan origination systems or core systems cif review and website and client portal testing so creating a dummy account and continuously logging on to the online banking system and navigating around and doing transactions to make sure that all of it's working so that they're able to find out if there are any issues before the clients notice them and hopefully resolve them what is the role of rpa in intelligent mortgage processing robotic process automation can increase productivity reduce costs and eliminate errors by handing manual repetitive tasks over to software robots some of the ways we see this done is getting data from older systems into modern applications and vice versa a great example of this that we've done a bunch of is taking the application data and documents from a newer point of sale system and then inputting and uploading those documents and applications into an older more closed loan origins loan origination system like a mortgage cadence lfc or a mortgage bot system where the only interface is through a kind of web portal we've also seen it work very well with taking low-level manual tasks from loan officers and giving them to software robots so requesting services like titles or mi quotes emailing applicants about missing documents being able to you know loop through a folder and make sure that all the required documents are there and notifying people if there's missing documents or missing data and doing some of those kind of approval letters and rejection letters and then letting go of tedious document review process especially during underwriting using our automate intelligent capture solution we're able to review these documents such as baked statements credit reports consent forms etc to make sure that they meet the qualifications necessary to approve the loan here we can see a quick example of how automate can take data and enter it into a system via the user interface in this instance the client acquired another bank and had to close some branches and therefore needed to migrate accounts into their core system which in this case is fiservdna i like it because it shows how automation can run through a task script in the middle which you see in the middle and take data from an excel file which is on the far left and then log into the core system on the right in the same manner that a human would and then enter all that data in it does a nice job of showing how automate can process these mundane tasks without any breaks or meetings or driving employees crazy with my numbing work so how do we leverage intelligent automation for the mortgage origination process just imagine if you could intelligently automate the process ensuring loan applications are complete and documents are automatically uploaded into your loan origination system just think if you could automate tasking conditioning and decisioning to digitally transform your entire process we'll now examine some of the ways we've been able to automate and enhance the mortgage origination process using our automate rpa and automate intelligent cap share software solutions here are some of the ways we've used rpa and intelligent capture to supercharge the mortgage origination process reviewing file logs and feeding data back into retail pos systems a great example of this is we have a client who uses blend and then encompasses their loss and there's already integrations between them via apis but we're using automate to review the log file that comes out of there and check for errors and then notify appropriate loan officers of those errors as well as being able to feed relevant data back to that retail pos as necessary automating credit pre-qualification process we've done a little bit of work in this in a few ways uh first off is kind of doing a fico matrix triage so based on the customer's fico scores loans can be sent in different directions the best scores can get sent directly to a loan officer and fast tracked the worst scores can you know basically get a rejection letter sent out automatically and then those that middle area can be sent to a credit department to determine if the scores can be improved or not we've also used this in prefi preflight loan processing so taking advantage of bots to do all the things your loan officer needs to do to really review the application so initial disclosures mi rate quotes etc for loan applications that pass initial scrubbing automate can automate the routine tasks such as clicking the right buttons to do a rate disclosure or other procedures automate can also pull key data from the loss and move it to your choice of provider not just the ones that are integrated with your los system so credit checks background checks flood certifications that type of stuff if you want to use a provider that's outside of or not you know natively integrated within your los system automate can take that data and format it and pass it along to that company and then take their response and plug it back into your los creating files and sending files securely automate can also take the data and create files reports move those files or reports to different network shares or sharepoints or upload to sftp or ftp sites and then notify the stakeholders that the files are available for download send conditional approval and rejection later is pulling key data from the loss so we mentioned the low fico score is triggering a rejection letter also after a loan officer approves a loan automate can generate the conditional approval letters to cust to the customer pulling the conditions and requirements from the loan origination system we can also update retail pos with new data status 2 to keep those systems in line and also review loan applications for completeness using our automated intelligent capture solution we can ensure that bank statements are for consecutive months and that the ending balance allows for payments of closing costs we can make sure that consent forms are signed we can review credit reports to make sure there's no fraud that type of stuff and also review signed loan packages and break those signed packages into individual docs review to ensure all documents are present and have the critical information necessary then rename them and save them to an ecm or core system or wherever they need to go working together rpa and intelligent document processing extend mortgage automation capabilities and enable organizations to maintain control of critical information with speed and accuracy with robotic process automation you can automate interactions between critical applications data entry and extraction and reporting whether or not you use the latest most sophisticated pos los and core banking systems rpa can be layered on top of your current systems to eliminate and streamline business processes and because it builds upon your existing technology rpa can provide immediate relief for limited staff and remove the need for temporary workers as your workload expands and contracts intelligent document processing further accelerates and supercharges the mortgage origination process by combining rpa with machine learning and artificial intelligence costly steps like document classification manual data entry and document analysis are eliminated delivering on the promise of digital transformation with an intelligent automation platform requires the ability to harness both structured and unstructured data but not all data is created the same structured data is organized clearly defined and searchable but represents only about 20 percent of the data in each company robotic process automation excels at structured or quantitative data automation unfortunately more than eighty percent of all data within organizations is unstructured unstructured data is typically qualitative it is difficult to interpret internet and analyze because it has no predefined structure the key to unleashing the true power of rpa is through unassisted machine learning that can harness both structured or unstructured data automate intelligent capture automatically learns data fields on forms by using custom machine learning algorithms without endless hours of building templates this allows for a fast setup of previously unseen forms because the system is learning which document information to capture getting smarter and better over time out of the box organizations see 70 percent automation and within weeks of learning automation is at more than 95 percent once that data has been accurately captured and turned into structured data automate can do its thing and feed it into any necessary system or compare it against existing data within a system or load the process documents into a dock management system really whatever next steps the process entails automate can handle from there now we're to our second polling question what loan origination system do you use hmm all right we'll give a little bit more time to get those responses in all right looks like a whole lot of encompass users and then a uh you know a fair mix of the uh the other ones right so now it's time for a live demonstration of automate rpa and automate intelligent capture so to do this i've created a couple workflows that allow us to kind of loop through data that would come from an loss to mimic an underwriting decisioning process so we're able to look at fico scores ltvs uh product type etc um and all the various fee fields that go into the underwriting decisioning process and what we're really doing in this is kind of cherry picking the creme de la creme of the application so the ones where kind of every box is checked and we can automatically approve those those loan applications so let's kick off this process and then i'll go through what we're running a little bit here too so we'll start this and then we can see that our automate process will get started here momentarily and what we're doing is walking through and basically like i said pulling data from an loss looping through that data making sure that all the values are meeting criteria so um you know ficos are above a certain range ltvs are below a certain range um it's primary residence etc and then from there we're going and we're actually if all those boxes are checked we're going to go and loop through a document folder for each of the loans and make sure that all of the relevant documents that are needed are there once that's done we're going to pull the credit report and push that into our automate intelligent capture system so that we can look to make sure that there's no consumer statements there's no bureau remarks and there's no fraud alerts and if all the boxes are checked there then we have another workflow that takes the output and it's triggering off of a file being dropped out of aic into a folder and it's going to do that kind of final credit check of those values that it captured from the the document and then if everything is is all good it's going to send a you know conditional approval letter if there's any issues that's going to kind of mark that there was issues and a which step so if we go to our process we'll see that the steps can continue to to roll through here and eventually what you're looking at on the screen now is our automated intelligent capture main screen as well so if we look at the reports we've actually dumped in our initial model let's oh actually we need to kick this off again because i left a file open so let's close that and restart so now we'll see our our process kind of go through and we can walk through some of the these steps within the tasks as we see our process is running it's doing the decisioning portion of it you'll see an excel file pop up which is where the air was because i had it open already previously and it's going through and on the left-hand person that we couldn't see quickly uh checking all those those different categories to make sure that ficos are okay um etc and then it's going to move on to the next step where it's doing the document check so it's actually looping through a folder system and checking that the documents are there it's doing right here and then letting us know if all the documents are there and finally it's moving on to the next step where it's going to be pushing the credit reports into our aic system and then that process can run and while that process is running we'll take a look at some of the actual tasks themselves and how they're built so the task builder within automate is a kind of drag and drop step based system to where we have 70 plus actions and probably over 700 kind of sub actions so we can interact with all different types of systems creating new tasks and scripts is as simple as basically dragging an action into the task builder and then filling out the forms so within this you can see we're using various kind of conditional logic if then statements we're looping through data sets we're writing to excel files really any of that additional data we can access web pages pull data from that you know enter data click buttons do everything that's necessary through all of these native native actions that being said if you already have you know visual basic scripts powershell scripts um you know python scripts batch files etc that you want to incorporate in some of these workflows and processes automate can handle those and kick those off as well too um if we hop back to aic here for a minute we'll see if we refresh the reports that we've got some data getting pushed through so i had sent one earlier so we can review it later to this class verification process right now we see that our first document is already in the capture process and the various steps within the automate intelligent capture process are image processing so breaking that file out into tables kind of easily read data png files and then going through an ocr process which allows us to in the areas that it's not sure of kind of use two different ocr engines to capture those results and then from there it goes into a classification section so based off of where it puts it into various document types that are specified once it knows what document it is it moves into the capture section where it's actually going and pulling that data for the data elements that are required for each document type and finally um it goes to a data verification if there's any if the data doesn't meet certain criteria so that a user can actually go and point and click around and say all right you know this field actually needs to come from here and so on and then it gets exported in a variety of manners so either as a you know csv xml sql database whatever is necessary there to export the data into other systems or into a file format that automate can then take and continue processing so the last little part that popped up was actually the automate checking to make sure that all of the fields from this capture were already there as we can see our files have kind of moved through um this the uh the final piece of this was an email that was sent for uh the initial approval so we can see that one of these loans met approval so i put together just a real basic email you can create uh html formatted emails you can use different variables so you can pull the borrower name email address and everything from within your systems and have it automatically populate emails and send those out as well as adding attachments or any necessary supporting documents as well um just to dig a little deeper into the automated intelligent capture um we can actually take a look i've kind of pre-loaded this one earlier so that we can take a look at the data classification and data verification processes within this um so i actually want to go to the administration panel here and just turn on i had it set up so that as we're running the automation that the files just kind of automatically flow through if they meet the criteria but now we actually want to take a look at those those different steps so turn that on and we'll go to our class verification and load our batch there so you can see how the document type classification works within the system so we'll load our batch and you can see it will pull up a document and in this case we're just having this be one credit document if we really needed to we could break this out into the main credit document and then the the supplemental ones as well too you know once we're confident that this is the type of document it is we can submit this and it'll move on into the process so we can see now it's at this capture point and then it's going to stop at this data verification point so we can ensure that the data we're pulling and this is also where we'd set it up to kind of train the data um the model to know which fields to pull where to pull the fields from and the the beautiful thing with automated intelligent capture is that it does use machine learning so that you're able to the more documents you pass through and the more verification you do the more accurate it gets to where it gets to a point where it's very low touch so we'll let this get to uh the data verification point here all right so now we can load our data verification batch and again this is an example of one of the documents that we pass through in our initial run all right so we can see where it's pulling data from so in this case if we want to point where to pull this consumer statement there's bureau remarks um we can actually have this highlighted green go to the correct document page that we need to pull us from and just kind of point to show all right you know we need to pull this from this particular field right here so you can just draw the area you need to pull and it will populate that and then as you the more you do this as you're training the model it will know that all right we're pulling this no consumer statements portion from underneath consumer statements and we're pulling our bureau remarks from underneath the puree marks and it dynamically learns this and continues to improve accuracy going forward the other piece that we pulled here are actually more of a like kind of line item table detail so it's pulling elements from our fraud alert table and populating those and then we're taking the the export from this i'm not going to submit this just because we've already processed it and then making sure and going through and making sure that those various fields that we're pulling from there uh you know are what we need them to be so it needs to say no consumer statement for our owns and no bureau remarks and not have you know different fraud alerts in there so we're able to automate that underwriting decisioning process for kind of perfect loans and send a conditional approval letter all right so now we're at the time for our final survey question are you open to exploring how automate an automated intelligent capture can further streamline your origination process so please answer that when you get a chance and then we'll move on to any questions and answers that you may have uh there was questions about this deck in the recording we are recording the webinar you'll be able to uh to download a version of that that'll get sent out to you and i believe we'll be able to share this deck as well any other questions you have there's a questions segment where you can enter any questions you can also use the chat if needed and if obviously if if you think of anything after the fact you know feel free to to contact us and we'd love to uh to get back to you and talk to you about any of those additional questions or to show you more of what automate or automate intelligent capture can do all right not seeing any new questions so at this time i'd like to thank everyone for joining us today we really appreciate your time in learning about help systems and automate rpa and automate intelligent capture and how we're able to help streamline some of the mortgage processing and origination processing for more information feel free to look us up at .helpsystems.com or email at info help systems.com thanks again for joining us um and yeah we can we'll we'll share some contact information as well too that was the uh the last question i got so everyone have a wonderful day um we're glad you were able to join us and we will hopefully talk to you in the near future thank you