The mortgage industry is faced with many challenges now that the housing boom of the past five years is over. A process optimization solution can provide many opportunities to an organization that can significantly impact operations. Some of these include:

Within Origination

• Intelligent work prioritization and routing can enable fulfillment tasks to be completed as required to meet loan closing schedules
• Loan file ownership can be maintained, but individual tasks related to a single loan can be performed in parallel by multiple resources
• Loan closing dates can be used to modify priorities, and through management reporting, alert supervisors of loans that are behind schedule (proactive management)

Within Post-Closing

• Closed loan files can be automatically reviewed to identify documents that were not returned, and correspondence automatically generated to closing entity requesting missing documents
• Trailing document monitoring can be enhanced through automation of the manual tracking processes

From a technology perspective, a completely paperless loan is somewhere in the distant future. While much automation has occurred (e.g., AUS and intelligent service ordering) there are still manual processes that occur throughout origination and closing. Today, there is a combination of data and documents that together make up the loan file.

Loan origination systems have added functionality to manage both data and documents. Many have added workflow capabilities that are little more than work tracking. By their nature, the LOS is a loan-centric system, as it is the system of record for loan origination. This results in a loan-centric approach to managing the processes for origination and closing.