Are you looking for ways to streamline your mortgage operations, reduce costs, and scale up your processes within a quick time? Are you looking for a partner who can help you automate most of your mortgage loan processes? Then, the best step for your firm would be to adopt a mortgage automation tool.
More than 60% of the mortgage process tasks are prep tasks that do not require direct user intervention. As a result, lenders, investors, service providers, and private mortgage insurers are looking for a solution that can change their operations, reduce costs, ensure scalability, and digitize their mortgage processes. One such solution is MSuite from Outsource2india.
MSuite - Mortgage Automation, RPA Tool
MSuite - Mortgage Automation, RPA Tool
What is MSuite?
MSuite is an advanced automated document classification and data extraction tool that accurately identifies scanned and printed text and converts it into structured digital data. It uses one of the world's most advanced OCR engines and can be effectively used to eliminate the necessity to manually sort the documents and input data from a variety of document formats, including electronic and paper documents.
MSuite is an advanced tool, with vision (built-in image enhancement technology), language, and statistical techniques to achieve a more sorted classification of a wider range of documents. In addition, you can define business rules where you need to search for specific information. MSuite combines these two features with many other features, including noise cancellation, integration with leading LOS, built-in machine learning algorithms, and the ability to cost-effectively process more accurate information than the human brain.
MSuite achieves a high level of accuracy and automation by making use of 5 key components that can be used individually or together as a "suite". These 5 components are -
This component enables MSuite to obtain data from a variety of sources, including-
- API Integration
MSuite can obtain information from LOS, 3rd party vendor systems, servicing systems, and various other types of internal/external systems.
MSuite can connect to emails to receive information for further processing. This information could either be in the body of the email or be present as a trigger that makes MSuite connect with other systems to process relevant transactions.
MSuite has been designed to be able to monitor folders in SFTP and work on relevant information.
- Direct Uploads
MSuite also has a sleek UI to enable users to directly upload transactions for processing.
- API Integration
MSuite has an advanced indexing engine that has been designed to tackle real-world document quality issues. With an ability to recognize over 350 types of documents, MSuite makes use of computer vision, OCR, and machine learning to classify even documents with low scan quality (up to 150 DPI), such as images taken from cell phones. The accuracy level of the indexing engine is over 95%, making it one of the best in the industry.
Data Extraction Engine
MSuite has a state-of-the-art data extraction engine that can extract multiple data points from a wide variety of documents, including asset, collateral, income, and insurance documents. With a data accuracy level of over 98%, MSuite also provides for efficient exception handling wherein exceptions are triggered for those data points whose OCR confidence scores fall below 90%. With digital data, the accuracy levels rise to 100% and there is no need for exception handling. This is noteworthy given that the mortgage industry is moving towards increasing the adoption of digital transactions.
MSuite has been provided with a powerful and dynamic rule engine that can handle thousands of rules effectively and seamlessly. With this engine, MSuite can perform various QA reviews as well as a host of other complex tasks. The rule engine has been built so that it is easy to maintain and update to address future business requirements and regulatory changes.
We fully understand that reporting plays a key role in tracking the performance of various parameters. MSuite provides a variety of standard and customized reports as well as trend analyses of the automated processes. Our team of mortgage experts has given MSuite the ability to report on virtually every data point stored in the system.
MSuite - How It Works?
MSuite seamlessly integrates with Loan Originating Systems and other systems from where relevant data needs to be extracted. This means that there is no need for setting up any additional infrastructure at the client's location. All operations performed on the LOS are done using API calls, and the security and data integrity levels are the same as those built into the APIs.
We work closely with clients to determine the scope of automation and then come up with a customized workflow according to the exact requirements. An example of how MSuite performs various tasks is shown below -
01. Connecting to LOS
MSuite connects to the LOS and other servicing systems through secure APIs and extracts relevant documents and data.
02. Indexing Engine Tasks
The indexing engine performs tasks like image enhancement, image recognition, image splitting, and document indexing.
03. Data Extraction Engine Tasks
The data extraction engine then pulls data from the relevant documents and sends this data for processing to the Underwriting Engine.
04. Underwriting Engine Tasks
The underwriting engine performs various relevant tasks, including calculating the income, asset review, credit/debt review, and 1003 review. It also updates the calculated income, liabilities, and assets.
05. AUS Engine Tasks
This engine runs DU/LP, extracts AUS conditions, and adds relevant and updated conditions to the LOS. When the loan is ready, the AUS engine also changes the loan status and tags the loan as complete.
06. Exception Engine Tasks
When the OCR confidence scores fall below 90% or when there are missing documents/data points, exceptions are triggered and sent to live agents for review and processing.
Why is Mortgage Automation Important?
Lenders recently have been under a heavy burden to revamp their methods of mortgage lending due to the emergence of mortgage software technologies. As a mortgage lender, if you are also facing such a crunch, then we have a perfect solution for you. Through our in-house developed mortgage automation tool - MSuite, our team can provide you with opportunities for process improvement, through which you can offer effective and accurate services to your customers in no time. Also, you can achieve a high productivity level, manage your documents, automate the document verification process, make better decisions using analytics, comply with legal protocols, maintain high-level of quality, etc.
The vast potential of MSuite creates opportunities for process improvement in the mortgage industry, helping to reduce costs, improve turnaround time and accuracy, and enabling scalable operations. However, we do understand that automation cannont be applied for all the processes in the industry and that's why we first determine which tasks can be automated by having detailed discussions with our clients. With that said, here are some of the benefits you can expect when you leverage the power of MSuite -
- Virtually unlimited processing capacity with the ability to handle up to 100% more volumes with the only requirement being an advance notice of 24-48 hours
- Up to 75% reduction in the effort required to make changes to document placeholders and/or map data points within an LOS
- Up to 70% improvement in turnaround times with document indexing and data input completed in minutes
- Up to 80% reduction in data input and data indexing errors
- Over 50% cost savings on automated tasks handled onshore and 30% cost savings on tasks handled offshore
Mortgage Processes that can be Automated via MSuite
MSuite includes a variety of features that are combined with an intuitive and user-friendly interface. It helps to avoid using validation data through rigorous comparison methods, the tool is based on advanced software technologies such as OCR and RPA. It uses machine learning to provide custom features for your business.
Based on custom algorithms and advanced mathematical models, MSuite accelerates the process of creating, documenting, and retrieving documents, significantly reducing total cost of ownership. Its seamless integration with a variety of loan systems makes it a versatile and an ideal choice for all sorts of the mortgage process. Also, it is hosted on a powerful database with cloud access and backup. A few processes that can be automated using the MSuite, includes -
Processing & Delivery
How Can MSuite Benefit Your Mortgage Company?
MSuite is a powerful document management software suite designed to manage mortgage documents from scratch. It has built-in machine learning and artificial intelligence capabilities designed to make your mortgage operations flexible and concise. It uses one of the world's most advanced OCR engines to classify documents and extract data. MSuite recognizes the text on printed documents and converts organized digital data.
MSuite uses state-of-the-art technology to generate various document types and formats using image enhancement and statistical techniques. It integrates seamlessly with your lending system to process information and digitize documents faster.
Here are some of the benefits of implementing MSuite at your organization -
- Risk Mitigation - MSuite eliminates the inadvertent, lost tasks, data entry errors and missing information in the document management process. All risks caused by information errors in the loan documents are immediately lifted.
- Improved Information Management - MSuite's powerful machine learning algorithms provide unprecedented accuracy of information in credit documents. This eliminates manual intervention and the data quality is still high.
- Easy Data Validation & Indexing - MSuite's AI-powered technology can automatically capture data from the scanned list of documents and index them as per the requirement.
- Advanced Automation - MSuite uses ICR and OCR, two of the most popular character recognition modules for digital paper copying. The software suite has been optimized with sophisticated machine learning algorithms, so it can handle large amounts of mortgage data without sacrificing performance.
Other Services You Can Benefit From
Client Success Stories
O2I's MSuite Improved Loan Packaging and File Review for a US-based Lender
Here's a case study highlighting the plight of a mortgage client who was found a winning solution to their productivity challenge through the MSuite tool which we deployed in their LOS process.Read more
O2I's MSuite Improved Indexing & Reduced Dependencies for a US-based Lender
Read this case study on a New Jersey-based client receiving the MSuite solution to automate indexing task. This success story will touch upon the methods adopted by O2I to speed up the process and reduce the operational cost.Read more
Choose Outsource2india for Mortgage Automation Services
Thank you, everyone and I look forward to being even more impressed by your team in the future.VP, Corporate Operations,
Appraisal Company, Detroit, MI More Testimonials »
Outsource2india is one of the leading providers of mortgage support solutions in India. We use advanced technologies such as robotics, machine learning, deep learning, and artificial intelligence to create custom mortgage automation solutions for your back-office challenges. We have 25 years of experience in custom software development, including document management solutions, borrower portfolio software, etc., and meet the exact requirements of retail banking institutions, major lenders, investors, and private mortgage insurance companies. In addition, we also provide assistance with handling mortgages, appraisal, mortgage closing support, post-closing and title support.
At O2I, we have a comprehensive portfolio of mortgage automation experts that provide you with a high-level of flexibility & scalability that can be customized to your service needs. We have an in-depth understanding of US mortgages and federal laws, we tailor our service portfolio to the specific requirements of banks, lenders, investors, service providers, and even private insurance corporations. We continuously develop and modernize mortgage automation processes to deliver excellent value to the customers.
Get in touch with us today for a dependable, effective and affordable mortgage automation service.