MORTGAGE LOAN APPLICATION PROCESSING

MORTGAGE LOAN APPLICATION PROCESSING USING ROBOTIC PROCESS AUTOMATION AND ARTIFICIAL INTELLIGENCE

OVERVIEW

Globally, the mortgage approval process is time consuming and also fraud has become a major ongoing concern for all bankers/ lenders. The aim of this project was to automate the loan process steps and also categorize each application based on Risk Level Predictions using our Proprietary AI Engine. This allows the loan processors to process the applications according to the risk levels. The process of verification of key data like (age, address, income) against the submitted documents is also handled by RPA. This helped the client to reduce the loan processing times/cost and also minimize high risk loans.

KEY BENEFITS (MINSKY™)

  • User-Friendly, cloud based AI platform
  • No coding skills are required for results or predictions
  • Provides you a list of % dependency features that can be used to optimize your business
  • Ability to fine tune or optimize the models by trying different algorithms / prediction attributes
  • Easy integration with other third party solutions such as TABLEAU for data visualization

RESULTS

  • Greater accuracy in handling the applications.
  • Decrease in loan loss ratio.
  • Better customer experience
  • Increase in ROI
  • Minimize labor costs
  • Identify the patterns in the data to detect possible high risk mortgage loan applications.

EXECUTIVE SUMMARY

Our client is a large finance Corporation Company that provides home improvement loans, mortgage loans etc. to all possible demographic groups. The main challenge for them was to reduce the loan application process time along with predicting high risk loan applications. The aim of this project was to automate the elaborated loan processing steps along with rating the loan requests so that loan applications are handled appropriately based on the Risk levels. After a detailed evaluation of their operation steps, AI Labs (www.ailabsinc.com) used RPA to automate various steps and used its proprietary Minsky™ AI Engine to build an optimized model using a combination of AI algorithms and prediction attributes. Based on the historical AI model, current customer loan request data was used to predict if the request loan/mortgage amount could be high risk for each customer based on the customer’s submitted documents. This solution was optimized and implemented in less than four weeks.

Typical Mortgage Loan Application Process Challenges:

  • Long loan application and document verification process times.
  • High labor costs from the manual loan processing steps
  • High error rates due to manual processing.
  • Reduced profits from high-risk loans
  • To reduce loan processing and approval times.
  • To manage regulatory compliance.

SOLUTION

Ready to get started? lt's fast, free and very easy!

Copyright © 2022 Ai Labs

Terms of Use  |  Privacy Policy