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Mortgage Automation Triumph- Cenlar’s Journey to Unprecedented Efficiency

Overview Of The Company

Cenlar FSB, the leading mortgage sub-servicer in the United States, operates nationwide, providing comprehensive loan servicing for residential mortgages. With a diverse clientele comprising banks, mortgage companies, and credit unions, the company plays a crucial role in handling all loan servicing duties on behalf of its clients. Recognizing the importance of staying ahead in the ever-evolving digital landscape, Cenlar has been proactive in developing innovative mortgage automation solutions to enhance employee efficiency and deliver top-notch services to its clients and homeowners.

Challenges

Cenlar faced several challenges in its quest for operational excellence and superior service delivery:
  • The incoming wire process, involving thousands of incoming wires each month, required extensive manual processing by the Payoff Processing team, resulting in long working hours and high manual effort.
  • The manual work included hourly checks of the wire processing system for new wires, data corrections, and assignments to wire processors, leading to operational inefficiencies.
  • The primary objectives of automating this laborious process were to reduce employee overtime, minimize manual effort, and enhance overall operational performance.

Solutions

Cenlar embarked on a digital transformation journey, incorporating Robotic Process Automation (RPA) as a key component to streamline critical business processes. The company collaborated with industry mortgage automation expert Hammerhead Technology to identify mortgage process automation opportunities and reengineer processes for optimal efficiency. In evaluating potential partners, Accelirate emerged as the delivery partner of choice, owing to its vast industry expertise, singular focus on mortgage process automation, and proven track record in establishing a robust Center of Excellence (COE) framework.
The mortgage automation solution introduced by Accelirate encompassed the following elements:
  • Deployment of a Dispatcher Bot responsible for hourly checks of the wire processing system for incoming wires, generating PDFs for new wires, and grouping them into batches.
  • Optical Character Recognition (OCR) technology is utilized to scan data fields in each wire PDF, extracting vital information such as account and loan numbers.
  • UiPath Robotic Enterprise Framework is used for efficient queue-based transaction processing, enhancing control over high-volume processes and preventing bottlenecks.

Results

Mortgage Automation Triumph- Cenlar's Journey to Unprecedented Efficiency
The successful implementation of RPA for the incoming wire process brought about significant benefits for Cenlar:
  • Over 85% of wire payments are now automatically processed, drastically reducing manual intervention and minimizing errors.
  • The wire processing time witnessed an impressive 51% reduction, resulting in increased operational efficiency and improved customer experience.
  • A single wire is processed in just 16 seconds, and a batch of 100 wires takes only 27 minutes, significantly enhancing productivity.