United Community Bank Inc. has implemented Indecomm Global Services’ BotGenius suite of middle-office automation solutions: a collection of software robots that emulate human computer interaction for specific, standardized tasks, processes, and workflows in the mortgage industry.
Over the past several years, the mortgage industry has made substantial progress on the automation of the front and back ends of the origination process – specifically focused on borrower online experience and loan closing. However, the bulk of the time and expense in the mortgage loan origination process is in the middle office: processing and underwriting. These stages of the mortgage process have the greatest impact on the borrower experience and have seen the least amount of impactful automation options.
The middle office also provides mortgage lenders with the biggest opportunity for gaining efficiencies, but it is the hardest part of the mortgage loan lifecycle to automate, Indecomm says. By employing robots, or “digital workers,” BotGenius mitigates inefficient processes, enhances the overall borrower experience, and increases return on investment, with an estimated 40% to 60% cost savings for the processes available for automation.
“With the high demand for processors and underwriters, lenders are constantly looking for ways to automate tasks that are currently being performed by their highly compensated employees,” explains Rajan Nair, CEO of Indecomm. “BotGenius allows mortgage lenders to effectively overcome capacity, efficiency and cost challenges in a market where volumes are expected to rise further over the next year.”
“United Community Bank is laser-focused on keeping the customer at the center of everything we do and constantly looking for ways to improve the borrower experience,” says Mike Davies, president – mortgage services, for United Community Bank. “With an immediate improvement of 25 percent in productivity time per loan, we are excited about the successful implementation of BotGenius and the positive impact it can deliver to our customers and employees.”
Photo: Rajan Nair
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