Mortgage Loan Data Onboarding Processes Automated using Bots

  • September 28, 2021

Abstract

Coventus Tech selected and implemented an efficient automation solution to extract the loan data from a Loan Origination Software system (Calyx Point), apply rule-based data updates and move those data to another banking software system (Fiserv Precision).
The automation solution significantly reduced the manual effort and accelerated the pace of completing entire data onboarding process while minimizing data errors.

Client

Our client is a bank headquartered at Texas with over $1Billion in total assets. Operating since 2008, client provides deposits, loans, insurance, mortgage solutions, online banking, and merchant services.
Our client is listed in “2020 Best Workplaces” and their organization is certified for positive workplace culture.

Business challenge

Mortgage processing team from the bank currently moves loan data information from Calyx Point software system to Fiserv Precision software system based on customer profile, collateral information and loan details
  • Most of the activities were repetitive and manual in nature.
  • Productivity and operating costs were impacted.
  • Human data entry and validation error in system lead to data quality/reporting metrics inconsistency.
Key Information
Industry
Banking
Region
USA
Automation Platform
RPA
Process Scope
Mortgage Loan Data Onboarding
Applications
RPA, Calyx Point Software, Fiserv Precision
Bot Usage Frequency
Daily
Transaction Volume
~ 10 Loan Records per day
Productivity Hours Saved
4-5 Hours per day
Engagement Model
RPA as Managed Service – Analysis, Bot Development, Bot Deployment, Support & Bot Management
Engagement Duration
4 Weeks

Automation solution

The Bank looks to automate this activity using RPA platform-based bot. The bot developed as part of this automation initiative will include provisions to extract the data from a Loan Origination Software system (Calyx Point), apply rule-based data updates and move those data to another banking software system (Fiserv Precision).
The automation solution developed:
  • Significantly reduced the manual effort.
  • Accelerated the pace of completing entire data onboarding process
  • Minimized the data errors.
Key Information
Industry
Banking
Region
USA
Automation Platform
RPA
Process Scope
Mortgage Loan Data Onboarding
Applications
RPA, Calyx Point Software, Fiserv Precision
Bot Usage Frequency
Daily
Transaction Volume
~ 10 Loan Records per day
Productivity Hours Saved
4-5 Hours per day
Engagement Model
RPA as Managed Service – Analysis, Bot Development, Bot Deployment, Support & Bot Management
Engagement Duration
4 Weeks

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