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BANKING

Mortgage Lender Builds Workforce of the Future With Robots as a Service

The Challenge

A leading regional U.S.-based mortgage lending company wanted to augment its mortgage origination business during times of favorable consumer interest rates—by increasing loan origination volume by three times or more—without affecting its operating costs. Mortgage operations processes involve highly manual, often repetitive tasks. To automate these manual processes in-house would require a significant investment and great technical expertise, so the mortgage company approached Cognizant for banking digital solutions that would intelligently automate its processes and build a workforce for the future while minimizing its capital investment and lead time.

Our Approach

To minimize lead time, Cognizant introduced the company to robots as a service (RaaS), our digital labor augmentation solution. We identified and then automated repeatable, continuous, rules-based processes that deliver optimal value to the client. These processes included ordering services from third parties, requesting property appraisals, conducting fraud and “aka” verifications, determining flood zones, and identifying fee and point disclosures. We developed one bot per workflow, with our analysts thoroughly documenting every keystroke, screen and handoff involved in each process. Cognizant deployed the first RaaS function within 12 weeks.

Enhancing Accuracy and Accelerating Process With RaaS

RaaS now executes the client’s loan set-up processes 24/7, enabling standardized operating procedures and eliminating bottlenecks, rework and errors, with 100% validated first-pass accuracy. Our client can quickly adapt to changing interest rates and deliver a better customer experience by reducing turnaround times and improving process quality and accuracy. Its loan origination volume has increased by a factor of three without incurring any additional staffing costs.

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3X increase

in loans originated with no added cost

100%

validated first-pass accuracy

85%

of loan setup tasks automated

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