In today's fast-paced business environment, efficiency is paramount. Yet, many businesses still need to rely on manual document generation processes that are time-consuming, error-prone, and inefficient. In this article, we'll explore how automated document generation can revolutionize your business, using a real-life case study of our work with a leading industry lender to automate their mortgage processing.

The Problem

Manual document generation is fraught with challenges. Businesses face numerous hurdles in their document workflows, from tedious data entry tasks to the risk of errors and compliance issues. These challenges were all too familiar for our client, a leading industry lender. Their manual mortgage lending processes were cumbersome, time-consuming, and hindered their ability to scale operations.

– High dependence on the labor force: When the project started, the company took 280 people on staff. Considering the manual nature of their mortgage lending processes, the meaningful part of the team was stuck with paper-related duties.

– Scalability challenges: Manual workflow didn’t allow for an increase in the number of given loans because the team could not manage more customer applications. Updates among the team members: an absence of a centralized digital document platform hindered on-time updates about a home buyer’s application status.

– There is a slow process of communication with partners. During the client's application approval, employees should communicate with other organizations by chat, email, or direct phone calls to clarify details about the borrower.

Learn more about how we automated Mortgage Processing for a leading industry lender.

The Solution - Enter automated document generation

In a tight collaboration with our client, we’ve developed a digital platform around their manual processes with our Automated Document Generation Engine at the center of it. This solution enables collecting of all the necessary information about home buyers through user-friendly forms, data-based risk evaluation, and document generation compatible with any specific US laws. Our partnership with the current loan lender led to impressive results:

• We automated over 50 document templates, reducing manual labor by 35%.
• Loan volumes increased by 20%.
• Turnaround times were significantly reduced, allowing the client to stay ahead in a competitive market.
• This transformation enabled our client to scale their operations, enhance workflow efficiency, and greatly improve the customer experience.

What is the Automated Document Generation?

Document creation can now be as simple for everyone as composing a text message. ADG software equipment is top-notch technology aimed at revolutionizing traditional methods of collecting and processing information. It is a direct path from tedious paperwork to straightforward, user-friendly processes.

How Does it Work?

The sophisticated automation processes make loan document generation very fast and almost error-free.

Here's how it works:

Borrower Data Gathering is the pre-advanced step of collecting data about the customer’s financial state and the property they want to purchase, including income verification, employment details, and property characteristics.

Classic questionnaire mechanics couldn’t offer the best user-oriented experience. Our implemented solution proposes convenient methods for homebuyers to share their information:

• A secure online portal where homebuyers can upload and submit their documents digitally.
• An intuitive mobile application that allows homebuyers to take pictures of documents using their smartphones and upload them directly to the system.
• A checklist feature guides homebuyers through the required documents, ensuring they don’t miss any crucial paperwork.
• Real-time updates and notifications to keep homebuyers informed about the status of their documents and the progress of their mortgage application.
• KYC-verification system that ensures the authenticity and accuracy of the submitted documents, enhancing security and reducing the risk of fraud.

Documents Autofilling. Once the borrower’s information is checked, ADG starts its job. This intelligent remedy can fill in necessary mortgage loan documents such as forms, disclosures, and closing statements with precise and appropriate data. It takes the client’s information and puts it into the relevant fields of the documents, excluding manual data entry by credit officers.

Here is an approximal scheme of this technical process:

• Document Mapping and Field Identification: Each mortgage loan document is analyzed to identify relevant fields such as name, address, loan amount, and terms. The system dynamically maps the extracted borrower data to corresponding fields within the documents using intelligent matching algorithms.

• Automated Data Population: Once the mapping is complete, the system automatically populates the identified fields with the extracted borrower information. This automated process eliminates the need for credit officers to manually enter data, reducing errors and streamlining document preparation.

• Quality Assurance and Review: Before finalization, the filled documents undergo a thorough quality assurance process. Any discrepancies or inconsistencies are flagged for review, ensuring the documents are accurate and compliant with regulatory requirements before submission.

Benefits of ADG for a Streamlined Processes

Adopting ADG technology offers multiple benefits for lenders and borrowers, paving the way for more efficient and easy-to-use usability. Pros of the ADG technology propose numerous benefits for all participants in mortgage loan interactions:

• Optimized productivity and swift processing times
• Reduced errors and improved accuracy
• Enhanced borrower experience with a smoother digital journey

Loan officers used to waste hours manually typing in data, which caused typos and miscalculations because of the human-being factor. Now, it has been translated to incomparable faster operations. ADG eliminates the risk of errors, taking only the borrower's verified data. Improved accuracy is not just a sole benefit; the time saved to correct and revise mistakes is a valuable asset.

Reveal the complete set of perks applicable to your business.

Today, the client's experience is a significant indicator, impacting a human's desire to purchase services, goods, and everything else. ADG creates a seamless user experience, which can give you an advantage against companies that are stuck in traditional ways of doing things. Borrowers can access loan documents via the Internet and have a clear view of the long term. This reduces anxiety and involves homebuyers actively participating in the process.

The Future of ADG

Automated document generation became a game changer, transforming the imagination of managing and structuring data. It will evolve, proposing more powerful methods of document handling operations.

The future of ADG predicts rich possibilities. With the enhancement of artificial intelligence, this technology will become incredibly smart and intuitive. Imagine that, except for template-based document generation, it will recognize robust instructions and user preferences and advise improvements and alternative tactics. In addition to the highest precision and legal compatibility of any jurisdiction, it will save customers time and effort.

Furthermore, integrating automated document generation with other technologies, such as blockchain and machine learning, will enhance security and decision-making processes. Blockchain can provide an immutable record of document transactions, reducing the risk of fraud or tampering. Machine learning algorithms can analyze vast amounts of data to personalize document content or predict future needs based on historical patterns. As these technologies converge, the future of automated document generation promises to be efficient but also intelligent and secure, empowering businesses to thrive in an increasingly competitive landscape.

Final Thoughts

Automated document generation is the key to unlocking greater efficiency and productivity in your business. Our engagement with the industry lender is just one example of how automation can revolutionize workflows and drive success.

📨 Contact us today to learn how we can help you streamline your document generation processes and propel your business forward.

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