Loan Processors who are Sick of Lazy Mortgage Originators and Nitpicky Underwriters are Using AI for Cleaner Approvals

Non-warrantable condos, pension/military income, forbearances, FHA/VA loans, self-employed income, and more…have you mastered the endless list of non-basic conditions?

Is working with your lenders’ systems a source of daily frustration?

Do you spend countless hours each day reading and understanding what seems like an endless pile of documents?

If you’re a loan processor, chances are the challenges above are all too familiar. Your role entails many manual processes, like reviewing documents, requesting appraisal reports, and verifying document authenticity. It’s a slow daily grind that remains done mainly by hand, which as we all know, is one of the mortgage industry’s most significant bottlenecks.

The RealKey platform — built by a former #1 Originator in the U.S. and a Turbo Tax Design Lead — is your answer. Here’s why.

In an ideal world, you would be able to package files for loan submission quickly, gather and clear as many outstanding conditions as possible, and package the closing documents for all the files set to close the next day. You would be able to do all this and more while staying on top of the pipeline to maximize loan volume and reduce costly errors. 

But the day-to-day reality is far different from an ideal situation. The problem is multi-faceted: loan officers get incomplete documentation, they don’t explain needs lists to borrowers, and they don’t always review documents adequately. Additionally, third parties consistently provide similarly incomplete or wrong  items. In a nutshell, if mortgage companies want to reduce the loan processing time and errors, they need to do more than just expand their processing staff. Mortgage companies need to invest in technology solutions that can improve performance by automation through intelligence, centralized communication, automated review of documents, and secure storage of all relevant documents.

Tailored to all lender guidelines and processes, RealKey addresses the critical challenges many loan processors face. Our AI technology can mitigate the inconsistencies and delays that all too frequently result from manually collecting financial data and other mandatory customer information. We automate the lending process from start to finish while delivering accuracy, increased efficiency, and reduced decision-making time for the following tasks:

  • Needs lists beyond the obvious “No-Duh” items that AUS findings request.
  • Clear instructions for Borrowers, 3rd Parties (Title/Escrow, Insurance, HOAs, CPAs, etc.), and Fellow Lender Reps to get the right document requirements the first time.
  • Lender specific requirements, overlays, forms, and mortgagee/CPL clauses automatically provided (almost 100 lenders, and over 3400 loan programs in RealKey).
  • Easy to follow document review fields to facilitate pre-underwriting review and discover new conditions early on.
  • A shared chat tool for faster communication, centralized for everyone involved in the process (real estate agents and borrowers love this).
  • Combine .pdfs for stacking without needing to export them to your desktop.

Quite simply, we provide processors with a reliable, consistent flow for any stage of the loan origination process, while shortening the overall processing time, and delivering a solid review cycle.

With its user-friendly design, the RealKey platform works seamlessly with existing point of sale and loan origination systems, allowing for a genuinely comprehensive mortgage experience. We are filing an essential gap, focusing on eliminating conditions by facilitating and automating document collection/review and communication.

Through technology and improved processes, we believe that we can change how people work and how work gets done. We can help you shorten the loan processing cycle by 50%, giving you more time to close more loans to meet today’s increased demand.

Are you ready to save time, process more loans, and grow your business? Contact us today for a demo.