Automate the Mortgage Process End-to-End with RPA


Mortgages today are one of the largest
asset classes in the United States totaling over ten trillion US dollars.
But this growth and ensuing layers of regulation has resulted in a complex
mortgage process. Today, it remains largely manual with multi-page documents, error-prone and inefficient which impacts customer experience. Automation
Anywhere is a digital workforce platform, comprised of RPA and IQ Bot, can
automate the mortgage process end to end. IQ Bot can simplify processing a
multi-page loan application to pick out important pages of interest. Using
advanced AI algorithms, IQ Bot splits the document to identify relevant pages
such as loan application forms, bank statements and pay stubs. It extracts
data from these pages intelligently into a structured format that can be used by RPA. A typical mortgage process starts with an application form. This multi-page
PDF file is hundreds of pages long with multiple document types. Formats include W-2, 1040, bank statements, standard application forms and so on. In this
application, we are training IQ Bot to identify and extract data from the
borrower’s loan application form. The form fields, such as name, type of credit, date of birth, social security number, and so forth that need to be extracted are
first identified Once IQ Bot completes extraction in the
sample form, users can review and guide the Bot to the right field if it needs
correction. Each field identified by IQ Bot can be edited, marked optional and
re-edited if needed. Once the training for IQ Bot is complete to the user’s satisfaction, the Bot is ready to run in production against any incoming clone
packet. Then the user can simply click on run from the Automation Anywhere
enterprise client to start processing mortgage applications. Users can validate the data extracted. IQ Bot data extraction capabilities improve over time via
supervised learning. Data is extracted into a structured CSV format. IQ Bot can similarly extract information from bank statements, W-2, 1040 into CSV. Using RPA, this data can also be entered into ERP or other systems. IQ Bot drives enhancements by simplifying mortgage processing to make it fast, efficient, improve customer loyalty and cost effective. Automation Anywhere

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