Mortgage Industry is struggling to adapt to the rapid changes in the compliance norms particularly with the recurring occurrence of changes in the guidelines issued by Freddie Mac and Fannie Mae. It is the lack of managed workflow and document integration between systems that is proving detrimental to adapting to process changes and regulations. Mortgage lenders can improve their operational efficiency by enhancing their existing loan processing systems by using BPM Tools.
Need for BPM Tools:
Business Process Management (BPM) can prove instrumental for the Mortgage Industry for reducing the cost, enhancing compliance adaption and improving credit risk.
Lenders can improve agility of their current mortgage operations by applying and reusing the BPM tools with their existing systems without massive expenditure on IT infrastructure enhancement.
Wrapping existing core system with BPM tools enhances functionality effectively.
Improves internal, regulatory and investor compliance management
Areas where BPM tools can be implemented in Mortgage Industry
BPM tools can formulate a better workflow by reducing the overlap and introducing tapped lines in the workflow for a central repository where all the departments can store and access documents electronically.
Integration with LOS:
In Fair Process Management, ECM (Enterprise Content Management) can be moved from Post Closing process into Loan Origination by integrating with LOS and wrapping it with BPM. Thus BPM becomes a main aspect in Loan Origination.
Workflow management in Loan Closing:
Lenders can automate the electronic loan package delivery by using BPM and integrate the same with LOS so that the system is aware of any document movement and updating after loan closing.
Loan Modification life cycle:
Lenders can integrate non-discretionary compliance process, data analytics and documents using Business Process Management to improve operational efficiency in the areas of marketing, originations, servicing and portfolio management.
Top BPM software tools/products
Bpm’online has out-of-the-box processes for service, sales and marketing for modelling and running complex processes, whether they are branched or parallel processes.
Its BPM engine stresses an open configuration, agile deployment options and easy customization.
BP Logix Process Director is a BPM platform built on .NET technology that is web-based, mobile-capable and browser-agnostic.
It coves workflow automation, smart forms and the ability to reuse business rules without programming.
Appian includes tools for rapid building of BPMN-based processes, a native process repository to capture and stores process models for reuse, business rules to define policies and procedures,
Appian also includes a forms interface for creation of task forms and dashboards, and complex event processing for tracking, analyzing and responding to business events.
Bizagi offers a comprehensive range of self-service training courses to shorten the learning curve and successfully help clients manage their BPM journeys.
Bizagi’s process modelling feature enables managers to create visual business processes using drag-and-drop functionality.
Users can directly customize checklist templates rather than creating it from scratch.
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