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

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Problem Statement

The evaluation of documentation and the comparison of information in the LOS is time-consuming and mundane, and data correction increases the likelihood of human error.

Solution

Digital employee classifies and extracts information from standard & non-standard mortgage documents, that is updated by an RPA suite in the Loan Origination System (LOS) with exceptions routed 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 data from documents like 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
Identifying and triggering exception routing to human processors

Industries

Services

Resource Type

Insights