Paramount Residential Mortgage Group:
Automating a loan estimation and granting process with a network of RPA robots
Location:
California, United States
Technology:
UiPath, Encompass
$2M
per year saved
5
FTEs saved
Client
Paramount Residential Mortgage Group (PRMG) is a California-based mortgage banker licensed in 48 states with retail, wholesale, and correspondent channels.
The Challenge
The Client came to us with a specific process they wanted to automate: a loan estimation and granting process. In the months prior to our collaboration, they had been experiencing record volumes of loans, and the need for process automation was growing fast.
The software for managing the process PRMG was utilizing was Encompass, an industry-standard tool for originating mortgage loans.
There were several issues with the existing process:
- The loan process is very long, weeks or months even. Multiple people were involved who are needed to provide approvals, cross-sign documents, etc., at various stages of the process.
- Almost everything was done manually by the PRMG team and outsourced workforce, leading to multiple mistakes.
- Loan data was not consistent.
The PRMG team wanted to deliver disclosure and closing packages from the system to a web portal so brokers could access these resources faster.
They wanted to eliminate the workforce's burden by creating an automated process.
The company has not implemented RPA solutions in its operations before. They wanted to tr