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Streamlining Mortgage Processing With Robotic Process Automation

The Challenge

A major banking and financial services company wanted to streamline its inefficient mortgage-servicing process. The existing process required an analyst, with help from the in-house IT support team, to manually reconcile loan information from eight different mortgage servicers. Data received from these mortgage servicers was inconsistent and prone to error. The delays in receiving additional input from the IT support team further slowed the process. As a result, analysts were able to process only a limited number of loan requests, based on priority, creating a backlog of unprocessed loans. The company looked to Cognizant for help in quickly streamlining its processes.

Our Approach

Cognizant suggested a solution based on robotic process automation to replace the company’s manual and rule-based processes. We developed a bot-powered Residential Mortgage Accounting solution that eliminates the need for an in-house IT support team and standardizes the data received from mortgage servicers. Standardizing the data received from mortgage servicers using an in-house loan data format simplifies data set comparisons and ensures there are no exceptions. The solution also automates the analysis of files entered in the mortgage system, performing comparisons and expediting updates in the mortgage system. The bot builds on the application’s querying capability by extracting data based on predefined rules, further streamlining the process.

New Process Lowers Operating Costs, Reduces Errors, Improves Speed and Efficiency

The new process creates virtual capacity to review and resolve all variances, saving the company $50,000 per year and reducing the average handling time per case from three minutes to five seconds. This system also performs monthly comparisons to identify and update principal and interest rate loan-level differences in the company’s mortgage system. In addition, it ensures this banking system is updated accurately, as loan terms are modified.


reduction in average handling time


of savings per year


increase in loan processing capacity