Behind the Benefits: Robotics in Mortgage Processes

Read Time: 3min
Last Updated: 5/21/2021

To some, the idea of introducing robots into business brings to mind images of (at best) The Jetsons to (at worst) I, Robot. Some industries readily embraced the idea, while others chose to avoid it. And then… COVID-19 happened, and the world was suddenly forced to digitize and automate. The mortgage industry was no exception.

While traditional mortgage lenders rushed to introduce more automation into their processes at the onset of 2020, Wyndham Capital Mortgage (WCM) was already fully up and running. We embraced robotics years ago and have invested in an end-to-end digital mortgage process that takes consumers from loan application to close – all online.

How we do it? By implementing robotics, digital platforms and artificial intelligence that streamline our processes and expedite the mortgage loan experience. Our process provides the speed, ease and convenience modern borrowers expect while saving them money now and in the future.

What It Means for Our Customers

Beginning with the very first interaction with WCM, customers will experience a more streamlined process. You aren’t bombarded with calls and emails. Our online application and pre-approval process are automated, and preliminary data is gathered by our robotics. This means you can begin and end the application process on your time, on your terms.

By the time you hear from our loan officers, they have the information they need for the next step in the process. Because our loan officers aren’t bogged down with preliminary paperwork, they’re able to focus on getting to know your needs and desires. Their goal is to provide you with 5-star service while saving you time and money.

What It Means for Our Loan Officers

At WCM, menial and administrative tasks have been replaced by robotics, and as a result, the overall time from application to closing consistently beats the industry average by 30 percent.
The leading-edge technology we’ve invested in frees up our loan officers from mundane tasks and allows them time to focus more on income-producing, career-building activities. WCM allows for knowledge building in the most crucial parts of a loan officer’s job to take precedent, giving them a faster path to the important experience-growing goals.

Most importantly, the intelligent automation we use allows our loan officers the freedom to work when and how they want. At WCM, our loan officers aren’t confined to the office. They can work remotely and on a schedule that works best for them.

What It Means for the Mortgage Lending Industry

Intelligent automations challenge the traditional industry model that equates increased volume to increased headcount. By incorporating robotics into our business model, we’re able to increase scalability and provide a more gratifying work experience for our staff on all ends of the business – from our loan officers and processors to our customer experience team and underwriters.

As a leading FinTech mortgage lender, we are proving that automating the mortgage lending process is effective. Our robotics perform the low value work, freeing up bandwidth for knowledge-building, income-producing activities. They work 24/7 at no additional cost and can be retired when they’re no longer needed without harm to family or finances. Our ability to enable and disable them within 24 hours helps us to scale our business according to the market.

Robotics work quickly and eliminate stall time, significantly reducing the time it takes to move a loan application to funding. In fact, we saved approximately 525,000 hours of stall time through robotic processes across the loan application operation in 2020.
As a result of intelligent automation, WCM consistently closes loans faster than industry standards and offer lower, more competitive rates to our customers. We call that a win-win.

Intelligent automation is the wave of the future… and the future is now. WCM is leading the industry, and we invite you to find out how.

Matthew Harris is the Internal Communications Manager at Wyndham Capital Mortgage. With over 11 years of experience writing and creating content about topics from sports and culture to financial systems and business, Matthew brings his expertise to the mortgage industry. Matthew oversees Wyndham’s internal communication and content strategies to help drive the internal messaging and creating content that gives both employees and borrowers relevant and reliable information to help them make informed homebuying, selling and refinancing decisions. Matthew has a Master’s Degree in Communications from Purdue University and a Bachelor's Degree in Journalism from Appalachian State University. His interests include social media marketing, content creation and catching the occasional sports game.

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