RPA and Smart Automation
A Solution to Default Reporting
Fannie Mae provides incentives to loan servicers to provide accurate reporting for all loans under their portfolio. The Electronic Default Reporting Process requires coordinators to go through a report of all Fannie Mae loans in a portfolio, identify if any loans have criteria that would indicate the loan being in an incorrect status. Once identified, the coordinator will perform research in a variety of screens in their system of record and based upon certain logic criteria they would update the loan’s status accordingly.
- Bot ingests the FNMA Loan portfolio file
- Bot goes through each individual loan that is considered: Current, Paid Off and Delinquent.
- For each individual loan that is considered Current or Paid Off, the bot will perform research to ensure the status in system of records reports this status accurately. If incorrect, the bot will erase the incorrect status and notify coordinator accordingly.
- For each individual Delinquent Loan, the bot will apply a logical waterfall model that takes into account 33 different potential statuses based upon 42 logical indicators and update the status accordingly based upon the loan falling into 1 of the 5 priority levels comprising the 3 Delinquent Categories: Loss Mitigation, Bankruptcy and Foreclosure.
- Once finished with all Current, Paid Off and Delinquent Loan datasets, the bot provides a report to the business showing each individual loan’s ‘before’/’after’ status for auditing purposes.