How Managed Services Pave the Way for Robotic Process Automation in the Mortgage Industry

In today's evolving financial landscape, two pivotal players are revolutionizing the mortgage industry: Managed Service Providers (MSPs) and Robotic Process Automation (RPA). AIS President, Tom Clark, explores the synergies between these two entities and how they're propelling the mortgage sector forward.

1. Navigating the Mortgage Landscape with MSPs

Mortgage operations, with their myriad complexities, necessitate a balanced approach, combining human expertise with technological advancement. MSPs have emerged as reliable partners, ensuring scalability and offering niche specialization.For growing mortgage entities, the challenge lies in accessing expertise without breaking the bank. MSPs offer a solution by handling intricate back-office operations, from underwriting to regulatory compliance, with the precision of a seasoned expert. These engagements are not just about cost-saving; they're about fostering efficiency and innovation.

2. RPA & MSPs: The Power Duo

The mortgage sector stands at the cusp of an RPA revolution. But, to harness RPA's full potential, preliminary groundwork is essential. This is where MSPs come into play.Often, firms possess processes that are either inadequately documented or not ripe for automation. MSPs provide the expertise to streamline these workflows. Once optimized, the potential for RPA integration is assessed. The synergy between MSPs and RPA is clear: MSPs lay the groundwork, and RPA takes efficiency to the next level.

3. Targeting the Right Mortgage Functions

Identifying tasks for MSP transition is the first step. Rule-driven, repetitive back-office tasks, like Loan Processing or Document Verification, are ripe for MSP handling. Once streamlined by MSPs, these operations can then be assessed for RPA deployment, usually within a 3 to 6-month window.

4. MSP-RPA One-Stop Shop: Benefits Galore

The advantages of partnering with a provider who offers and excels at both Managed Services and RPA are multifold:

• Immediate Efficiency: By first offloading the process to an expert, mortgage firms can instantly increase bandwidth and improve operations
• Cost Savings: A process transitioned and managed by a high-quality, low-cost labor provider means reduced expenses.
• Seamless Transition to Automation: With deeper insights and understanding of the process, the transition to RPA becomes smoother and more effective.
• Flexibility & Scalability: As market demands fluctuate, this partnership ensures firms remain agile and responsive.

5. Choosing the Right Partner

As mortgage firms assess potential MSP-RPA providers, Tom Clark recommends:

• Ensuring depth in mortgage sector knowledge.
• Prioritizing providers with a proven track record of merging managed services with RPA.
• Compatibility checks between the firm's infrastructure and the provider's tech-stack.
• A focus on security and compliance.
• Identifying partners that are both scalable and adaptable.

The mortgage sector is poised for transformation. By strategically partnering with MSPs who can support labor and automation needs, mortgage firms can not only navigate the challenges of today but also set the foundation for the innovations of tomorrow.