CoBot

Title Closing

Using robotic process automation to extracting and updating information from title docs into title system

Bot Profile

Efficiency

Complexity

OCR & Robotic Process Automation

Technology

Outcomes

Velocity

Productivity

Cost to Close

Benefits

  • 80% automation with reduction in loan processing time with improved accuracy

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    Problem Statement

    The Closing document creation & updating needs to access multiple applications & websites which is time-consuming and prone to human error.

    Solution

    Digital employee extracts & classifies information from four different title documents and updates 82 different fields and performs 175-200 data validations to generate the final CD document in the desired title application system thereby improving accuracy.

    Tech Specs

    Title Closing CoBot is an attended digital employee powered by IQ Bot OCR and Automation Anywhere RPA suite and can be easily integrated with any title system.  It has been implemented on widely used title production software and title workflow platform.

    Expertise

    • Extracting & classifying information from title documents received from client application
    • Updating information in the workflow software application
    • Generating and saving final closing disclosure document
    • Identifying and triggering exception routing to human processors
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