Arc Home LLC (Arc Home) and Indecomm Global Services announced the successful implementation of Indecomm’s BotGenius™ suite of automation solutions. BotGenius™ is a collection of software robots pre-built to emulate human computer interaction for specific, standardized middle office tasks, processes, and workflows in the mortgage industry.
The bulk of time and expense in the mortgage loan origination process is in processing and underwriting, or the “middle office.” These stages of the mortgage process have the greatest impact on the borrower experience and have seen the least amount of impactful automation options. While the “middle office” is the hardest part of the mortgage loan lifecycle to automate, it is the loan stage that provides mortgage lenders with the biggest opportunity for gaining efficiencies.
Indecomm’s automation solutions have been carefully designed with the entire mortgage lifecycle in mind. By employing robots, or “digital workers,” BotGenius™ automates inefficient processes, enhances the overall borrower experience, and quickly increases return on investment, with an estimated 40 to 60 percent cost-savings for the processes available for automation. This out-of-the-box, mortgage-industry specific robotic process automation (RPA) solution has the potential to automate over 70% of the tasks in the mortgage loan production process.
A national lender and leader in providing non-agency mortgage solutions to borrowers, brokers and correspondent lenders, Arc Home places the customer experience as its first priority and part of that experience is dependent on efficient processes. Arc Home chose to employ BotGenius™ to automate various manual tasks, including ordering and reviewing flood and fraud checks, reviewing appraisals, validating the completion of compliance tests (such as the QM test & NY Subprime test), checking for borrower(s) signatures on LEs & CDs, ordering and retrieving Collateral Desktop Appraisals, verifying loan programs with the automated underwriting system (AUS) runs to ensure saleability, and has identified many more time-consuming and manual tasks in the pipeline to be automated.
“With the high demand for processors and underwriters, mortgage lenders are constantly looking for ways to automate tasks that are currently being performed by their highly compensated employees,” said Rajan Nair, CEO, Indecomm Global Services. “Cost-efficiencies are realized by process automation through products like BotGenius™ that allow the ‘digital workers’ to do the repetitive and high-volume work, while employees are free to review more loans. BotGenius™ allows mortgage lenders to realize their return on investment quickly and enables them to scale rapidly in a capacity constrained market.”
“After implementing Indecomm’s BotGenius™ less than six months ago, Arc Home has automated over 100,000 minutes of manual, repetitive, and time-consuming tasks, releasing that capacity for our team members to perform judgment-oriented work and helping our brokers and borrowers close loans faster,” said Richard Bradfield, Chief Executive Officer for Arc Home.
BotGenius™ bots are configured for a variety of mortgage workflows and automate repeatable and high-volume middle-office tasks like ordering 3rd party services, combined with reviews of reports (e.g., flood, fraud, credit, appraisal, etc.), validation, and generation of disclosures and adverse action communication. To learn more about Indecomm’s BotGenius™ solutions and how you can automate your middle office mortgage workflows, visit the corporate website at https://botgenius.net.
Founded more than 25 years ago, Indecomm Global Services is a leading provider of business services and technology for the US mortgage industry. The company is headquartered in New Jersey with over 1,200 employees worldwide. Indecomm services and solutions support every stage of the mortgage lifecycle with automation and software, outsourcing and project management, and compliance and education. With a focus on technology solutions first, we partner with large and mid-sized lenders, servicers, mortgage insurers, and title companies to achieve one specific goal-to help them grow. Our longevity in the ever-changing mortgage industry is our strength. We have worked diligently in the outsourcing and consulting spaces to develop tools and resources using extensive feedback from both clients and internal associates. Visit us at http://www.indecomm.com.
Press Contact: Krista K. Sabol
Marketing Director, Indecomm