Optimizing Loan Origination Through Robotic Process Automation
Chailease Finance Co. offers mortgage loan programs to their customers. As part of their loan application process, Chailease receives a daily average of 8,000 loan application requests, sometimes spiking as high as 40,000 in a single day.
The company’s operations team collects supporting documents and data in various formats and from several different platforms. In some cases, it can take about two weeks for a loan application to be approved for financing. The delayed process can reduce the number of applicants, causing the bank to miss out on potential profits.
Cloud Interactive used RPA from the industry-leading vendor UiPath to help Chailease Finance make the validation and credit approval simpler than it has ever been. Chailease’s new automated document management system not only saves the company money by reducing overhead and human error and allows more loans to be processed and disbursed in less time.
Quicker loan processing benefits customers by giving them access to instant loans. Furthermore, the RPA processes’ analytics help Chailease Finance make better decisions and gain an edge over the competition.
Overall, RPA speeds up the loan application process while reducing the risk of potentially catastrophic data breaches.