HPA is proud to announce we are a preferred vendor of the Lenders One Summit, and we look forward to meeting and supporting their mortgage lender members at next week’s Annual Summit.
Ash Omar, account manager at HPA, and Nolan Johnson, sales engineer at HPA, joined Eric Kujala, senior manager of product marketing at ICE Mortgage Technology, on a recent webinar to discuss how change management is impacting lender automation initiatives.
Avery Fisher, HPA’s chief executive officer, joined John Webber, managing director at Wavestone, on a recent webcast to discuss the key differences between licensed RPA and RPA-as-a-Service, and how mortgage lenders could benefit from the RPA-as-a-Service model. Joining the webcast was Jane Borbee, senior vice president of operations at Homestead Funding, to share her perspective on RPA-as-a-Service as a client of HPA.
The RPA industry can be a place of buzzwords and a whole lot of hype. In Part 2 of this series, we unpack the most common misconceptions we hear about the capabilities and limitations of robots, as well as how APIs are being used in automation today.
The RPA industry can be a place of buzzwords and a whole lot of hype. The marketing misinformation pushed in this industry creates a lot of confusion and leads to unrealistic expectations on what can and can’t be achieved with automation. In Part 1 of this series, we’re taking a no-hype approach to unpack those common RPA myths and set your automation initiative up for success.
Founded in 1960, Guild Mortgage has grown from a single office to become one of the largest and most trusted independent mortgage lenders in the United States. In 2019, the company set a record total loan volume of $21.71 billion, up 32.3% from 2018. Servicing also grew to $49.43 billion for the year. Guild services more than 237,000 loans and has correspondent banking relationships with credit unions and community banks in 43 states and services loans in 47 states. The lender credits its astonishing growth on its experienced people, entrepreneurial culture, focus on creativity and innovation, and commitment to customer service.
Origination costs have been on the rise over the last few years. According to the Mortgage Bankers Association, the combination of increasing regulations and manual efforts to ensure compliance has resulted in U.S. mortgage origination costs that are three times higher than they were a decade ago. RPA can dramatically reduce the need for human intervention in loan processing so that employees can focus more on thought work or interfacing with customers.
The annual enrollment period (AEP) has a significant impact on yearly revenue for healthcare payers, but it can also tax an organization’s workforce substantially. During the annual enrollment period payers are hit with an influx of new enrollments to be processed. AEP runs for 6 weeks per year and billions of dollars’ worth of choices are made over this short time period. These choices directly impact the health and well-being of the millions of Americans signing up for benefits, so it is imperative that payers have the capacity to handle enrollment volume.
Finance and accounting (F&A) processes, by their very nature, are complex and dependent on accuracy, which can create a burden on the department when relying on human labor. According to the McKinsey Global Institute, Robotic process automation, or RPA, is estimated to have a global potential of 44% in F&A. RPA is an ideal solution for F&A processes that increases productivity, prevents delays when dealing with accounts, and reduces inventory turnover. Automation can reduce or even eliminate the issues caused by human labor, offering organizational benefits like increased accuracy, reduced cycle time, and greater regulatory compliance.
In today’s digitally-focused age of business, tech buyers are more motivated than ever to invest in software to help them achieve digital transformation. Many companies were prompted to begin or accelerate digital transformation initiatives this year as the impact of COVID-19 amplified the inefficiencies within their business. It became harder to ignore the negative impact of legacy or disconnected business systems that echo throughout an organization in the form of dysfunctional processes, disparate data silos, and lengthy cycle times. Robotic process automation, or RPA, can act as a functional layer across business systems old and new to facilitate cross-platform communication. …