The Must Have Features of a Mortgage Process Automation Tool

The mortgage industry is challenged by factors like high employee attrition, loan pile-up, influx in borrowers’ queries, ever-changing lending decisions, and factors alike.

Lenders find it difficult to deal with these challenges and execute all the long-winding mortgage process steps at the same time.

Modern-day mortgage lenders have found answers to these challenges in mortgage process automation. A mortgage process automation tool automates and streamlines all the manual process steps. 

A mortgage process automation tool also caters to consumers’ expectation of an ecommerce-grade digital experience during a mortgage loan lifecycle. 

In this article, we will highlight the features that empower the tool to automate tasks as well as help lenders address most of the industry challenges mentioned above.

Top Features of a Mortgage Process Automation Tool

Data Ingestion 

A well-round mortgage process automation tool is enabled with a feature that aids in data ingestion from multiple sources.

These sources include lending operating systems of multiple stakeholders at every juncture of a mortgage lending process such as lenders, title reviewers, underwriters, and others. 

An automation tool has an in-built functionality that alerts it as soon as new data is uploaded at any data points like in an LOS.

Data Indexing

The force behind this feature is a combination of optical character recognition, computer vision, and ML algorithms. 

This feature creates automatic workflow of capturing and segregating data that has extremely low scan quality.

Data is indexed and classified based on information type such as a borrower’s name, address, employment, among others. This makes it easy for lenders to find specific information swiftly. As part of the expert stage, we will also advise on how the site should be created and what coding technique should be used to create your site. For example, if you need to refresh the site yourself, this would imply that server-side content, such as PHP, should be created with a CMS (content organization structure). Also, read about Local Digital Business.

Data Extraction 

This features automatically extracts data from multiple sources such as credit information, appraisal SSRs, and others. It stores the data in digital format while maintaining over 98% data accuracy.

It unburdens loan officers from the tedious task of extracting data from a massive number of collateral packages and other loan documents.

Business Rules Application 

A mortgage automation tool can be configured with specific business rules every time lenders use it. This feature automates tasks for a range of mainstream mortgage lending tasks. These tasks include underwriting, QA reviews, borrowers’ income calculation, and many more.

This feature enables the tool to automatically update itself in accordance with every changing business need and regulatory changes.

It creates an audit trail that lenders can follow to prove their adherence to lending regulations.


A mortgage automation tool is enabled with this feature that allows automatic and timely generation of reports. These reports detail on process trends. Such reports reveal any possible loopholes in processes that lenders can fix instantly.

It creates trails of data right from the time information is entered into the tool to the time it is presented in a report.


Enterprises must look out for a mortgage process automation tool that is not solely an automating platform. An ideal mortgage automation platform should be built on the platform of robust technology and industry experience of mortgage professionals. This makes the tool tied to the ground reality of the mortgage industry. Such an automation tool is the key to lenders to combat external challenges such as dynamic regulations as well as internal process challenges.