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United Community Bank, Inc. implemented Indecomm Global Services' BotGenius suite of middle office automation solutions, in hopes to provide a more positive borrower experience for the bank's customers.
Indecomm believes that the mortgage industry as a whole has made plenty of strides when it comes to increased technology and automation to help create a more efficient workflow. However, the bulk of the time and expense in the mortgage loan origination process is in the “middle office,” or processing and underwriting noted Indecomm. The company believes that the processing and underwriting stages of the mortgage process have the greatest impact on the borrower experience and have seen the least amount of impactful automation options.
“In this cyclical market, Indecomm’s mortgage automation solutions have allowed mortgage lenders to align their costs with the rise and fall of mortgage loan production volumes,” said Rajan Nair, CEO, Indecomm Global Services. “Cost-efficiencies are realized by process automation through products like BotGenius that allow the bots to do the repetitive and high-volume work, while employees are free to review more loans. 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.”
Indecomm’s collection of bots are configured for a variety of mortgage workflows, including loan set-up, processing, communications, and other middle-office tasks. By automating repeatable and high volume tasks like ordering 3rd party services, combined with reviews of reports (e.g., flood, fraud, credit, appraisal, etc.), validation, and generation of disclosures and adverse action communication, BotGenius has the potential to automate over 70% of the tasks in the loan production process, according to a press release.