Paramount Residential Mortgage Group (PRMG) is a California-based mortgage banker licensed in 48 states with retail, wholesale, and correspondent channels.
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 try it out and create a proof of concept of potential RPA usage across the company.
We decided to go with UiPath after ensuring the platform worked well with our LOS software and all the PRMG's tools, including Encompass.
With that confirmed, we took a closer look at the whole process in Encompass 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?
- Retrieve disclosure packages
- Send closing packages to the Broker
- Send disclosure packages to the Broker
- Notify the system that there is an intent to proceed with the loan
- Enter payment information into the system
- Download, organize, and transfer data between systems
By utilizing these robots we could 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.
Thanks to the RPA implementation, we have made life better for various parties involved:
Brokers get the information they need in Encompass in real-time, allowing them to work faster. Consequently, customers’ loans are getting pushed quicker and with fewer mistakes.
For PRMG itself, it means that it can process a higher volume of loans in a shorter time, which allows it to scale more quickly. They get accurate, high-integrity data into the system, providing customers with a better experience. Their team was also freed from doing dull, repetitive tasks, so they could outsource less work and focus on doing things that 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, translating 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. They also expect to enhance it by another 25% due to the better overall quality of underwrites.
We are not done yet – after six months of successful collaboration, we are still working with PRMG, adding new features and robots. PRMG has successfully tested RPA and UiPath and is confident about leveraging these technologies in their operations. See how our UiPath consultants can help to rev up your ROI.
The industry has also recognized them as they were awarded the Process Innovation award during the ICE Mortgage Technology Innovation Award 2021 with the help of our robots.
See what can be done in the accounting, finance, and banking industry with Robotic Process Automation.