5 Ways Automation Simplifies Mortgage Income Verification

Banks in the business of mortgage lending are under pressure. Organizations must maintain profitability in the face of high processing costs, strict compliance requirements and customer demands for real-time services, while loan approval decisions rely on tedious, manual processes that start with income verification. How can banking and mortgage lending institutions balance these competing challenges?

In a recent webinar, experts from WorkFusion shared how Intelligent Automation makes it easier to access the data needed to make better, faster lending decisions. Director of Product Marketing Rachel Tash and Director of Product Management Maksim Turchyn demonstrate how WorkFusion’s Intelligent Automation Cloud solves the biggest pain points for banks and other financial organizations — enabling better customer service and higher profits.

Here are five key takeaways from this on-demand webinar that discusses the benefits of Intelligent Automation for banking and mortgage lending institutions:

The mortgage lending industry faces pressures impossible to reconcile through traditional methods

Despite the unpredictable nature of the mortgage lending sector, institutions are constantly under pressure to maintain profitability. And while the cost of processing loans is rising, demands from customers are too; in today’s on-demand world, applicants have lofty expectations for speed and service. Take too long, and you’ll lose customers to your competitors. Rush the process, and you risk making mistakes. As a result, banking and lending institutions are scrambling to add technology that will help them close faster and cheaper. 

Income verification still relies on manual, slow, costly and fragile processes

Loan approval decisions rely on verifying the applicant’s income. This involves repetitive, manual, time-consuming and expensive processes. Analysts must sort through a wide range of unstructured document types and formats, from pay stubs to employment letters. The use of legacy technology also prompts endless copy-pasting, re-keying and reconciliation — introducing huge opportunities for error and threatening internal and industry-wide compliance. Even worse, a long process may cause anxiously awaiting customers to consider your competitors.

Intelligent Automation makes income verification quicker, easier and more accurate

These pain points make the mortgage lending industry a perfect match for Intelligent Automation. Manual, repetitive and error-prone tasks are easy to automate, which relieves analysts of mindless work; increases accuracy; and allows them to process more applications more quickly, maintaining compliance while meeting customer demands for speedy, effective service.

WorkFusion simplifies and streamlines the income verification process

Using manual methods, analysts must physically download each income verification document provided by the applicant, then copy-paste relevant information from each one. Not only is this process time-consuming, but it’s also error-prone. That is because this data is complex and must be consistent, and analysts often have to use special tools, such as Excel worksheets with macros. Finally, the results are input into a customer relationship management (CRM) or another recordkeeping system, which introduces yet another opportunity for errors.

With WorkFusion’s Intelligent Automation solution for mortgage income verification, the documents are automatically downloaded through regular inbox checks. The applicant’s income information is then extracted and uploaded to the system. All the analyst has to do is verify that the necessary information is in place, manually extract anything which is missing and pass the application along for review or approval.

The banking and mortgage lending industry can be transformed through Intelligent Automation

Intelligent Automation turns laborious, fragile and time-consuming income verification tasks into an automated process that is complete within minutes. WorkFusion customers have experienced these benefits firsthand: One achieved 80% reduction in time normally spent processing mortgage insurance returns and cancellations, while another reduced manual effort for mortgage application verification by half.

With the WorkFusion Intelligent Automation Cloud, your team can process more — and more accurate — mortgage lending operations. This allows you to deliver faster answers to both underwriting teams and customers, driving profitability for the entire organization.

To learn more about how the WorkFusion Intelligent Automation Cloud can improve the income verification process for banking and mortgage lending institutions, watch the on-demand webinar.