CoBot

MLO–Originator Assistant

Extracting information from standard & non-standard documents during origination process for both VA & FHA loans

Bot Profile

Efficiency

Complexity

OCR & Robotic Process Automation

Technology

Outcomes

Velocity

Productivity

Cost to Close

Benefits

  • Up to 70% process steps fully automated
  • 250% increase in loan processing capacity

Tell me more

    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
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