Paramount Residential Mortgage Group:

Automating a loan estimation and granting process with a network of RPA robots

Client:

Paramount Residential Mortgage Group

Location:

California, United States

Industry:

Finance
Real Estate

Team:

1 Senior RPA Architect

Technology:

UiPath, EHR

Timeframe:

2 months

600%

Return on Investment

$2M

per year saved

40

hours of work saved daily

1st

prize award for the "Process Innovation" category during ICE Mortgage

Client

Paramount Residential Mortgage Group (PRMG) is a California-based mortgage banker that is licensed in 48 states and has 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.

There were several issues with the existing process:

  1. 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.
  2. Almost everything was done manually by the PRMG team and outsourced workforce which led to multiple mistakes along the way.
  3. Loan data was not consistent.

The PRMG team wanted to deliver disclosure and closing packages from the system to a web portal so that brokers had these resources faster. They were looking to take the burden off of the workforce by creating an automated process.

The company has not implemented RPA solutions in its operations before. They wanted to try it out and create a proof of concept of potential RPA usage across the company.

The Solution

We decided to go with UiPath after we made sure that the platform worked well with our LOS software and some of our other technologies.

With that confirmed, we took a closer look at the whole process and broke it down into subprocesses.

The PRMG team has created specific filters in the program that identify specific data fields on various process stages that would trigger our robots.

We started with one robot, but shortly we started adding more. By now, we have implemented five production robots automating six different tasks (all of them do one part of the whole process):

What do our robots do?

  1. Retrieve disclosure packages
  2. Send closing packages to the Broker
  3. Send disclosure packages to Broker
  4. Notify the system that there is an intent to proceed with the loan
  5. Enter payment information into the system
  6. Download, organize and transfer data between systems

By utilizing these robots we were able to gather data and get in as quickly to the system as possible. Fresh data was made available for brokers in almost real-time.

After three weeks of development, we were ready to deploy the MVP. A few facilities volunteered to test the new system, so we were ready to go.

The Outcome

Thanks to the RPA implementation we have made life better for various parties involved:

Brokers get the pieces of information they need in real-time, which allows them to work faster. As consequence, customers’ loans are getting pushed faster and with fewer mistakes.

For PRMG itself it means that they are able to process a higher volume of loans in a shorter time, which allows them to scale easier. They get accurate, high integrity data into the system and provide their customers with a better customer experience. Their team was also freed from doing dull, repetitive tasks, so they can outsource less work and focus on doing things than create more value for the company.

And the numbers confirm that!

We are averaging 550 automated tasks/daily but this number is growing. Each automated task saves around 4 minutes of manual labor, which translates to around 40 hours of manual labor saved daily.

Overall, PRMG saw a 50% improvement in underwrites per underwriter per day which translates to a savings of $2 million and they expect to enhance it by another 25% due to the better overall quality of underwrites.

And we are not done yet – after six months of successful collaboration, we are still working with PRMG, adding new features and new robots. PRMG has successfully tested RPA and UiPath and is now confident about leveraging these technologies in their operations. See how our UiPath consultants can help to rev up your ROI.

They have also been recognized by the industry as they were awarded the Process Innovation award during the ICE Mortgage Technology Innovation Award 2021 with the help of our robots.

600%

Return on Investment

$2M

per year saved

40

hours of work saved daily

1st

prize award for the "Process Innovation" category during ICE Mortgage

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