Robotic Process Automation

Loan Origination

Problem Statement

Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process. While regulations often have good intentions for consumers, they have noticeably begun to hamstring financial institutions and create complexity for buyers. For example: “In 2006, the average loan file had 302 pages. Now, the average mortgage file is 806 pages. This is just a small indicator of how regulations have impacted loan origination

In the Current process bank employees would have to manually check on different web portals documents and related information for retail Loan applications, and then collate everything in a single file. The challenge was to reduce the time spent on this verification step for approximately 250 loan applications per week.

Solution

The RPA solution was used to quickly open different web portals and verify the information and then send an e-mail to the person that requested all the documents needed for reaching a decision.