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FWS Automated Loan Quality Investment (LQI) Process for a Mortgage Company in the US
The client is a leading mortgage company based in the US with a good customer base.
Challenges Faced by the Client
The client's Loan Quality Investment (LQI) process involved auditing on the credit reports and undisclosed notifications. The company wanted to free multiple stages of human intervention, which can introduce errors in the process. Therefore, Flatworld was approached to model a solution that will automate the Loan Quality Investment process.
Flatworld developed three artificial intelligence BOTs for this solution. The three stages of the LQI were automated in the following manner -
The first bot was used for logging in to a secured third-party data provider to check on the undisclosed debt notification. This is done for all application currently open in the process
The second bot performed quality checks on the loan applicant's credit report and ensured there was no inconsistency in the debt to income ratio. Later, required notifications were sent to the authorized personnel
The third bot, after successful quality checks were complete, stopped further credit monitoring by the Bureau
With the completion of the project, the client could measure the quantifiable results. Some of the benefits achieved by the client include -
50% Reduction in Manual FTE
98 % Reduction in Processing time per Loan Document
100% Accuracy in Transactions
70% increase in number of applications processed per day
Partner with Flatworld - Leader in Cognitive Process Automation Services (CPA)
Flatworld Solutions is a brand that aspires to shift your routine business process from manual to auto by harnessing the powering of Robotic Process Automation (RPA), and Cognitive Process Automation (CPA). The concerns over escalating cost of resources are putting businesses in a stranglehold. With 16 years of combined experience in serving various verticals with data science services, we have become the preferred choice of many. CPA is relatively latest of our services that are already being leveraged by 100+ clients internationally. At FWS, we are kitted with the latest software along with technically competent big data scientists and engineers who can successfully cater to your Cognitive Process Automation needs. If your business contains sensitive, data-intensive activities that require our CPA services, get in touch with our representatives so we can help you get started.
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