How is automation redefining the loan underwriting process for maximum impact?
Introduction: A 2022 industry report from the Mortgage Bankers Association highlighted that over 60% of companies faced operational errors due to manual loan processing. The loan underwriting process, in particular, can be especially time-consuming and error-prone for mortgage lenders. With manual operations, underwriters must sift through large volumes of documents, verify financial data, and assess […]
Navigating the mortgage journey: Your trusted partner along the way
Introduction: Managing the loan process from application to payoff in today’s mortgage industry is challenging. Many lenders struggle to balance compliance and operational efficiency. As regulations become stricter, the demand for automation has surged, with 73% of lenders prioritizing technology to boost efficiency. Automation is transforming underwriting, document verification, and fraud detection, streamlining workflows, and […]
Efficiency from Interoperability of IDP Solutions
Introduction: Against this backdrop, as mortgage lenders are striving to optimize their operationsand add value to their service offerings, digital transformation is increasingly gaining traction as a credible driving force toward achieving enhanced efficiency and better margins. But, the lenders also face significant interoperability challenges stemming from legacy systems and disparate data sources which makes […]
Turnaround in Mortgage Origination Processing Time with Intelligent Automation
Introduction: Borrowers in the mortgage industry face a lengthy mortgage processing time, which often extends from anywhere between 35 and 40 days. The primary reason for such longer time periods required for processing is owing to the requirement of extensive document verifications, regulatory compliance checks, and managing vast volumes of documents and the underlying data. […]
8 advantages of an efficient document management solution
Enterprises are undergoing a profound transformation, driven by a dramatic shift in how they manage their documents and data. This disruption is real and reshaping the way these sectors function, leading to a new era of efficiency and innovation. Here are a few recent examples to set the context for the article: One of the […]
Evolution of Document Processing with GenAI
Introduction: Document processing has been steadily evolving over the last few years, along with a significant increase in its importance for several industries. From the days of manual data entry to today’s intelligent document processing, it has been a long journey, marking the growth of this segment into a separate industry in itself. While in […]
Effortless Accounts Payable Solution with AI
Finance teams across different industry verticals have largely overlooked the substantial potential of AI and ML to enhance productivity in accounts payable, despite acknowledging the power of digital transformation. 1* Reports show that AP automation with AI can reduce processing costs by 81%, accelerate processing times by 73%, and cut human errors by up to […]
Effective Supplier Relationship Management Through Automated Invoice Processing
Effective supplier relationship management is vital for business success, but manual invoice processing often poses significant challenges. What are these challenges and how can organizations overcome them? Let us discuss it! Traditional methods of handling invoices are fraught with challenges, including human errors, delays, and inefficiencies. These issues can strain supplier relationships, leading to payment […]
Exploring Two-Way, Three-Way, Four-Way Invoice Matching in Account Payable
Introduction to Invoice Matching in Accounts Payable Invoice matching is a vital process in accounts payable that maintains correct and timely vendor payments. When it comes to invoice matching, there are three types: two-way, three-way, and four-way. Looking deeper into each of them we find that the ‘Two-Way Invoice Matching’ is theeasiest way, which involves […]
Invoice Processing in 2024: A Streamlined Journey from Receipt to Payment
Think back, have you ever felt stressed when the due date of an invoice gets nearer? Although customers cannot directly see it, it is essential for the company to always meet invoice deadlines and make accurate entries in the accounts. This blog post is all about invoices starting with an analysis of the process and […]
