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.
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.