The working relationship between humans and technology has achieved great heights in so many aspects of our lives. Personally, professionally, economically, even environmentally, the fluid ways we tackle tasks with technology are endless. Just ask Jeff Bezos, Richard Branson and Elon Musk who have made “consumer” space travel a reality by engineering their own spacecraft to get them there.
The mortgage industry, with all its complexities, is ready to launch into a new stratosphere as well. By taking advantage of the pairing of human and machine across the loan life cycle, improved profit, safer loan commerce and reduced industry risk are possible.
In this new LoanLogics white paper, “The Double Act of Human and Machine,” the relationship between the two, working side-by-side, is explored in the manufacture, sale, and servicing of mortgage assets.
To begin, the data dilemma is discussed. It is a joint journey between systems and documents that ensures data quality. Rather than manual processes, machine learning and its use of confidence score thresholds in mortgage doc processing are catapulting the delivery of verified, validated to mortgage workflows. Furthermore, they are lowering the cost of ensuring consistency of data across documents and systems, by optimizing the balance between human operator and technology managed tasks.
From application through loan sale, there are many points across the life of a loan where quality needs to be checked. This is where a variety of rules are necessary to provide more complete task automation across loan file processing and quality checks, like pre-closing, post-closing, HMDA, TRID, and Due Diligence reviews. In the white paper we take a deep dive into rule diversity and explain what is needed to automate data validation (do you have what you need), audit testing (is it right) and data transformation (can you export it for use).
Then of course, there are the specific channel challenges originators, servicers, and investors face. By combining the power of man and machine, these groups and their unique challenges can optimize loan value and differentiate the transaction experience.
Without human and technology working in tandem, loan officers have less time to focus on the borrower relationship, processors and underwriters have less time to handle loans, and counterparties in mortgage loan commerce are more likely to add risk into the transaction. Thankfully, “The Double Act of Human and Machine” changes the game for all of that.
As 2022 approaches and with new advancements in big data analytics and artificial intelligence the human to machine relationship will be taken to even greater heights. Be part of the story! Start by downloading this LoanLogics white paper.