Intelligent Automation Make Processes More Consistent, Faster, Better Defined, and More Reliable

As mortgage industry technology continues to evolve, opportunities for greater efficiency and cost-per-loan reductions are continually increasing.

Today, the utilization of Robotics Process Automation (RPA) along with decisioning logic (Artificial Intelligence) has helped advance the mortgage process from the sluggish, error-prone efforts of a decade ago to a far more productive environment with a focus on data integrity and customer experience.

NDS Lending AI Solution Components

COMPUTER VISION WITH MACHINE LEARNING

Computer vision with Machine Learning for document type id and auto classification. Enabling computers to see, identify and process images in the same way that human vision does, and then provide appropriate output.

NATURAL LANGUAGE PROCESSING (NLP)

Natural Language Processing (NLP) where the machine understands text words and phrases and intelligently extracts data elements, eliminating the need for manual data entry.

DEEP LEARNING

Deep Learning is an ML function that imitates the workings of the human brain in processing data and creating patterns for use in decision making.

Robotic Process Automation (RPA)

Robotic Process Automation (RPA) handles routine, repetitive and mundane tasks, reducing manual processing time and removing copy-and-paste errors including:

– Transferring and comparing documents from system to system
– Transferring data from system to system (in lieu of a time-consuming integration)
– Combining documents, index in order, print to large PDF file
– Calculating how many documents are in a loan file
– Updating loan system with data extracted from document(s)

Specific Mortgage Lending Process Use Case

Pre-application: Initial Research/Pre-Qualification
Application: Income, identify & asset verification
Underwriting: Ordering services & interacting with investor/insurer
Document Submission/Verification:
Prefunding data & document verification
Closing: Post closing QC of all data & docs

Loan Transfer – bulk transfers or loans are on-boarded from the originator
Title Chain verification – ensuring mortgage loans have proper Assignments of Mortgage and Note endorsements
Lien Release – ensuring proper steps are taken when a mortgage loan is paid off
Pre-Foreclosure – ensuring documents and data are available for referral to Foreclosure and that Proof of Standing is completed in the states where required.
Appraisal Validation- intelligent extraction 45 data elements from the Appraisal
Escrow Management
Refinancing/Payoff

Collections: Reinstatement Quotes
Loss Mitigation-Bankruptcy: Proof of Claim Filing, Loss Mitigation Data, Extracts, and Checklists
Foreclosure/REO: Foreclosure Data Extracts & Checklists, Invoice Processing, Claims & Ordering Pro Preservation

NDS estimates over 30 processes in the mortgage lending environment has the potential for end to end automation.

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