Robotic process automation (RPA) is a powerful – but frequently untapped – enabler for the mortgage industry. With stiff competition from digital natives and fluctuating profit margins amid the pandemic, lenders need to strive for efficiency and they must get there fast. RPA can reduce effort and error across the end-to-end mortgage processing lifecycle. At the loan origination stage, for instance, it can shrink processing times by 80% so that you can increase capacity and deliver a better customer experience to borrowers. At the post-closure quality control stage, it could expedite processes by 20%.
Particularly now, as we begin a new year and a new phase in the ongoing industry transformation that started with the pandemic, lenders need to carefully assess the potential and impact of RPA.