The Brief

Client Profile: A leading mortgage company based in the US with a robust customer base seeking to automate its Loan Quality Investment (LQI) process to reduce human intervention and errors.
Industry Domain: Mortgage and Financial Services.
Challenge Faced: The client's LQI process required extensive auditing of credit reports and undisclosed notifications, involving multiple stages of human intervention, which could introduce errors. The company needed an automated solution to streamline this process.
Project Objective: Develop an automated process for the LQI, reducing manual effort, increasing accuracy, and speeding up the processing time, thereby enhancing overall efficiency and reliability.

The Solution

To address the client's challenges, Backoffice Pro developed an AI-driven solution:

Automation Bots: Developed three artificial intelligence bots to automate the LQI process, each handling specific stages of the workflow.
- The first bot logged into a secure third-party data provider to check undisclosed debt notifications for all open applications.
- The second bot performed quality checks on loan applicants' credit reports, ensuring no inconsistencies in the debt-to-income ratio and notifying authorized personnel as needed.
- The third bot, following successful quality checks, halted further credit monitoring by the bureau.

Backoffice Pro successfully delivered a comprehensive automated solution for the LQI process:

Significant Reduction in Manual Effort: Achieved a 50% reduction in full-time equivalent (FTE) manual effort.
Efficiency Gains: Reduced processing time per loan document by 98%.
High Accuracy: Attained 100% accuracy in transactions.
Increased Capacity: Enabled a 70% increase in the number of applications processed per day.