Mortgage lenders are constantly facing a changing operating environment.

A crowded market in the midst of environmental and regulatory change, these external pressures are meaning many organisations are looking at how they can optimise their processes to stay competitive.

One common area often highlighted is the fact that aspects of the mortgage lending process involve human labour when it doesn’t necessarily need to.

This includes the performance of repetitive tasks that are relatively simple, gaps that need plugging between through multiple databases and spreadsheets, and processes that are rule based or have a high level of standardisation.

Enter robotic process automation (RPA) and mortgage automation technology.

Currently, one in five mortgages in the UK are valued through Automated Valuation Models (AVMs). This is expected to increase to around half of mortgages in three years’ time.

Automation saves time. And in a competitive market, time is money.

By utilising automation and other tech tools to efficiently speed up the lending process, organisations can work better and faster than competitors while offering a superior service to customers.

While automation is beneficial to organisations, individuals are wondering what their role to play will be in future years.

Although significant parts of the process can be automated, elements such as complex review processes and advising still require that human touch.

Technology is not a complete replacement for humans. Instead, it is an opportunity for those working in the mortgage sector to evolve their day-to-day role beyond processes.

With humans and tech working together, people can spend more time adding value to the mortgage process, while automated processes can take care of the administration tasks.

As stated by Piero Bassu of Hometrack: “Early adopters of technology often have the greatest to gain as a result of driving innovation, but change cannot be ignored and the mortgage approval process will always evolve to meet the expectations of the market”.

What will the future look like?

Robotic process automation (RPA) and mortgage automation technology is not here to replace people – rather it can tie together arduous administration, speed up problematic procedures and add another level to the mortgage lending process.

Subsequently, businesses can have a better offering to customers while saving precious time, and in the long run, money.

For this reason, RPA and AVMs are only going to become increasingly prevalent within the Mortgage industry.

Do you think humans and robots can work harmoniously together in the mortgage industry?

How do you see the role of mortgage brokers and advisors evolving?

Leave your thoughts in the comments!