Bot Profile
Efficiency: high
Complexity: medium
OCR & Robotic Process Automation
TechnologyOutcomes
Velocity
Productivity
Cost to Close
Benefits
- Up to 70% process steps fully automated
- 250% increase in loan processing capacity
Problem Statement
The evaluation of documentation and the comparison of information in the LOS is time consuming and mundane and data correction increases the opportunity for human error
Solution
Digital employee classifies and extracts information from standard & non-standard mortgage documents which is then used as an input by an RPA suite to update the Loan Origination System(LOS) and route exceptions to human processors
Tech Specs
MLO – Originator Assistant is an unattended digital employee powered by Mquotient OCR & Automation Anywhere RPA suite and can be easily integrated with any Loan Origination System(LOS).
Expertise
- Extracting information from standard & non-standard documents during origination process for both VA & FHA loans
- Documents it can extract data from are 1003, Bank Statement, LE, URLA Addendum, GUS Findings, AUS, ITP, Credit Report, Mortgage Statement, Note, Deed, Payoff, Purchase Agreement, VA Docs, FHA Docs, Borrower Authorization, Asset and Income Docs
- Identify and trigger exception routing to human processors