The Problem
A large title and settlement services firm used a manual process for refinancing applications. Their team couldn’t keep up with demand during the 2021-22 refinance boom.
The Goal
Automate the process of extracting data and placing it into the company’s underwriting system to qualify each loan faster and stay ahead of demand.
The RoboSource automation created a 10x improvement in throughput.
How We Solved It
RoboSource used Robotic Process Automation (RPA) and applied Artificial Intelligence to extract loan officer and company information from free-form text fields. Then we consolidated and cleaned the data when we identified duplicates and inconsistencies.
Results
Each loan now goes through our automated process with results in approximately two minutes, versus around 20 minutes by hand. That’s a 10x improvement in throughput, creating far greater capacity and efficiency!
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