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Cost overruns are plaguing mortgage manufacturing, and the prime suspect is the lack of system-driven automation. Finastra, in partnership with LoanLogics®, aims to change this with its latest enhancements to its MortgagebotLOS loan origination system (LOS). This AI/machine learning based task automation technology is designed to reduce or eliminate the manual work performed by origination staff.
Embracing Mortgage Automation
The term ‘automation’ has been a buzzword for years, yet costs have continued to rise. Why? Simply put, lenders have increased expenses by investing in technologies that offer quality-of-life improvements but lack true automation. Our collaboration with Finastra aims to change this. By leveraging our LoanBeam® Processing Automation (LBPA) for document classification, data extraction, automated rules, and income calculation within Finastra’s MortgagebotLOS, lenders can streamline their mortgage manufacturing process, resulting in improved cycle times and higher-quality files.
“Partnering with LoanLogics is an exciting opportunity for us to bring even greater efficiency and accuracy to the mortgage industry,” says Mary Kay Theriault, Director of Product Management, Mortgage, at Finastra. “Our MortgagebotLOS technology, combined with LoanLogics’ LoanBeam® Processing Automation capabilities, creates a powerful tool that will significantly benefit lenders and borrowers alike.”
The Impact of Our Partnership
This partnership simplifies the mortgage process for everyone involved. Here are some of the key benefits:
- Automated Document Processing: Our LBPA uses advanced technology to review all mortgage documents automatically, reducing manual data entry and speeding up loan approvals.
- Comprehensive Document Management: Our system reviews all mortgage paperwork, not just income documents, minimizing errors and ensuring all information is accurate and verified.
- Effortless Integration: Designed to work seamlessly with existing mortgage processing systems, this integration allows lenders to adopt new technology without disrupting their current workflows.
Enhanced Compliance: By verifying and documenting all data correctly, our partnership helps lenders stay compliant with regulations, reducing the risk of costly mistakes.
Looking Ahead
At LoanLogics, we are committed to continuous improvement and innovation. Our partnership with Finastra is a testament to our dedication to providing top-notch solutions in the mortgage industry. Together, we are keeping pace with industry changes and setting new standards for mortgage processing.
Sharing Our Excitement
Since going live, this integration has significantly improved the mortgage process for Finastra and LoanLogics clients. It’s exciting to see how much smoother and faster the process can be with the right technology. We’re eager to continue exploring the possibilities of these partnerships and witnessing their positive impact on the industry.
“This integration exemplifies how two companies can collaborate to create innovative solutions that advance the industry,” says Terrell Cassada, LoanLogics’ EVP of Digital Operations, Architecture, and Innovation. “We are proud to work with a company of Finastra’s distinction and look forward to the positive impact this partnership will have on our collective clients.”
Join Us on This Journey
We’re thrilled about this partnership and its benefits to mortgage processing. Whether you’re already a client or new to our solutions, we invite you to see the advantages of this integration firsthand. Together with Finastra, we’re paving the way for a more efficient and compliant future in mortgage automation.
Feel free to reach out or visit our website to learn more about how this integration can benefit you.
