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In the competitive mortgage industry, efficiency and accuracy are essential. Manual processes often lead to errors, delays, and increased operational costs, hindering productivity and customer satisfaction. LoanBeam Processing Automation (LBPA) is designed to address these challenges, transforming how lenders handle mortgage processing.
Tackling Manual Errors and Delays
The Challenge
Manual processing of mortgage documents, especially paystubs and income verification, is labor-intensive and prone to errors. These errors can lead to significant delays in loan approvals, affecting both lenders and borrowers. A more efficient, accurate, and automated solution is critical.
The Solution: LoanBeam Processing Automation (LBPA)
LBPA brings a new level of efficiency and accuracy to mortgage processing by automating key tasks, thereby reducing manual errors and processing times. Here’s how LBPA helps solve these critical issues:
1. Automated Processing
LBPA replaces manual document processing, completing over 60% of the work required to create an underwriter-ready loan file. This automation reduces the manual workflow, significantly reducing the time and effort needed to process each loan. By enabling “straight-through processing” of documents and data, LBPA ensures a 99% data accuracy rate .
2. Automated File Review (Pre-underwriting rules)
LBPA’s AI-enabled pre-underwriting rules ensure that all documents and data are validated for completeness and accuracy, minimizing the risk of human errors. The automated pre-underwriting process creates a fast path to underwriting, enabling lenders to deliver more complete, high-quality loan packages to underwriters with less manual intervention.
3. Income Calculation Certainty
LBPA leverages LoanBeam Income’s income calculation technology to automatically extract and calculate income for all borrowers, while still allowing your users to make final adjustments before generating a final PDF artifact. Automating income calculations ensures accuracy and consistency, reducing the chances of errors and providing lenders with “income certainty.”
4. Seamless Integration and Flexibility
LBPA integrates seamlessly with existing systems through API integrations. This flexibility allows companies to apply automation when and where they are needed. This seamless integration ensures that the benefits of automation are realized quickly, with minimal disruption to daily operations.
Real-World Impact
The implementation of LBPA has led to significant benefits for lenders:
- Increased Efficiency: Lenders have reported solving the paperwork problem with manual/humn intervention by as much as 60% of the time. LBPA’s automation can almost double productivity.
- Cost Reduction: Automating income calculations and document processing has reportedly saved lenders ~$400 per loan file.
- Improved Accuracy: With a 99%+ data accuracy rate on more than 600 mortgage-related document types, LBPA minimizes errors and ensures compliance with regulatory standards.
- Faster Processing Times: Automating pre-underwriting rules quickly creates an “underwriter-ready” loan file, enabling faster loan approvals and enhancing customer satisfaction.
Conclusion
LoanBeam Processing Automation (LBPA) is revolutionizing the mortgage industry by addressing the challenges of manual error reduction and processing delays. By leveraging advanced automation, intelligent data extraction, and seamless integration, LBPA empowers lenders to operate more efficiently and accurately. The result is a streamlined, faster, and more reliable mortgage processing experience that benefits lenders and borrowers.
