June 11, 2024 | 2 min read

Leading Mortage Firm Achieves 80% Increase in Loans Handling Speed with OpenBots RPA Solution

Industry: Banking
Region: Americas
Department: Mortgage
Products: OpenBots Business Centre and Studio Platform

80%Increased loans handling
70%Improved efficiency
60%Reduced time spent
70%Reduced human errors

Overview

The Mortgage New Loan Edit process, an important component of the mortgage industry, was affected by manual reconciliation, which was prone to human errors and time-consuming. To address these challenges, a leading mortgage company leveraged OpenBots Business Centre and Studio Platform to reform their Mortgage New Loan Edit process workflow. This innovative solution automated the retrieval of Cognos reports from a Shared Drive and generated the Mortgage New Loan Edit report using Encompass APIs. The bot compared field values from both reports and updated a tracking file to identify business exceptions. Discrepancies were then sent to the Correction Queue in OpenBots Business Centre, notifying the booker for corrections. Once corrections were completed, the bot validated the changes, logged the transaction as complete, and updated the tracking file.

Challenges

Manual reconciliation prone to human errors and time-consuming.
Inconsistent approach for handling exceptions and corrections.
Maintaining and updating trackers manually was challenging.
Difficult to track and log each step for an audit trail.
High operational costs due to redundant processes.
Difficult to scale as transaction volumes increases.

Revolutionize your business operations with OpenBots Business Centre and Studio.

Solution

Deployed OpenBots Business Centre and Studio Platform to reform Mortgage New Loan Edit process workflow.
Utilized OB Studio (Encompass API Commands) to access and retrieve Mortgage New Loan Edit and Cognos reports from Share Drive.
Automated the comparison of required fields from both the reports and update the tracker with results.
Trained the bot to identify and highlight business exceptions.
Use OpenBots Business Centre to enable bookers to access, review, and manage corrections.
Integrated OpenBots with existing systems to ensure seamless interoperability and efficient data exchange.
Leveraged OpenBots to automate repetitive tasks like data entry, reconciliation, and report generation.