MSuite is a proprietary mortgage automation tool of Expert Mortgage Assistance. This tool was built with the aim to make mortgage processing “cheaper, faster, and better”.
This tool is equipped with optical character recognition (OCR) and computer vision abilities. It is run by sophisticated artificial intelligence and machine learning algorithms. MSuite is platform-agnostic, and it can be hosted seamlessly on-premise and on the cloud.
Expert Mortgage Assistance (EMA) Vice President Rajeev Kumar and Rob Porges, a Senior Partner with Flatworld Solutions were recently interviewed by a leading media house about MSuite. In this interview, they had discussed at length the architecture, functionality, and why is MSuite evolving as a sought-after mortgage automation software among lenders.
Here are the excerpts of the interview:
Q: What was the main drive behind designing MSuite as a mortgage automation tool?
Rajeev: During our experience of working with large, small, and mid-size mortgage lenders, we have observed agents spending hours searching for documents, splitting them, and placing them at the right placeholders within the loan originating system (LOS).
This was our cue to create a sort of mortgage automator driven by AI, ML, and OCR principles. We created MSuite that automated all the manual efforts behind document management in loan processing. MSuite automated the process of document extraction, classification, and indexing. It efficiently extracts different data points from multiple documents coming from third-party stakeholders and positions them at different placeholders within the LOS.
MSuite helped the co-issue team of our client, who is one of the largest loan originators and servicers, automate the entire process of data extraction, splitting data, and placing them within the LOS in digital formats. The tool generated exception reports that pinpointed missing information that our client had to request from lenders.
One of the USPs of MSuite is it allows you to compare data points between different documents. It also enables comparing data points in an extracted document with the existing data points you have in your LOS. This capability comes in handy to ensure data correctness before the documents are packaged and sent to underwriters.
Q: What is the architecture of MSuite?
Rajeev: MSuite is run by superior AI & ML algorithms, and OCR principles. This mortgage automation software is built with five distinct modules.
Connector- This module enables MSuite to extract data from various sources. Such sources are emails, direct uploads into the LOS, hot folders in SFTP, and from various third-party systems through API connections.
Data Extraction Engine- It extracts relevant data from a massive number of loan documents such as assets and income declarations, closing documents, and others within a minute. Then, the engine stores the extracted data in digital formats within the right places in LOSs.
Indexing Engine- The indexing engine module can classify more than 350 types of data that it gets in different formats. It can be programmed to index documents with a nomenclature that is specific to lenders.
Rule Engine- The rule engine module automates tasks such as file review, backend underwriting tasks, and others. It is a dynamic module of MSuite that can be configured multiple times to execute thousands of mortgage business rules seamlessly. This module can be updated based on regulatory changes and business scopes.
Reporting Engine- This module furnishes reports on mortgage process trends on a timely basis. These reports range from standard process reports to specialized reports to track critical process parameters. We can customize these reports to suit your business needs.
We have successfully implemented MSuite to help a giant non-bank mortgage lender reduce sell and onboard loan TAT by 20%. Data accuracy promised by MSuite helped our client to send complete loan packages. This placed them in a position to claim premium prices from investors.
Q: What are the technologies that drive MSuite as a mortgage Automator?
Rajeev: The modular architecture of MSuite allows it to leverage various modern technologies as and when required. It is a platform-agnostic tool and can seamlessly connect to any platform, be it an OCR engine, a cloud platform, or a business intelligence tool.
Here are the technologies that empower MSuite as a mortgage automator:
OCR– ABBYY FineReader, Google Cloud Vision
Technology types- Computer vision, artificial intelligence, machine learning, data analytics
Cloud hosting- AWS, Microsoft Azure
Reporting– Klipfolio, Power BI, Tableau
Q: What are the additional components to install to run MSuite?
Rajeev: You do not have to install any additional hardware or software component. Neither will you have to configure your legacy IT infrastructure for MSuite to work. It is based on an automation-as-a-service model business model which makes MSuite highly functional even with no major changes in the infrastructure.
MSuite can seamlessly integrate with LOS and other sources from where data has to be extracted. All the actions take place within the LOS through various API triggers. This allows us to ensure the inherent data security level inbuilt within the APIs.
Q: Mortgage underwriting is undoubtedly one of the most complex and crucial of all processes. What role does MSuite have to play in it?
Rajeev: MSuite modules such as the rule engine simplifies a range of backend tasks that goes behind the underwriting. It does an upfront review of a borrower’s credit, income, and assets. This backs an underwriter to decide on whether a loan is good for further processing or not. This makes the tool an efficient automated underwriting system mortgage solution.
The data extraction engine guarantees more than 98% data accuracy while extracting and storing data. This data accuracy is crucial for underwriters to take a correct and frictionless decision on a borrower’s financial credibility.
MSuite is capable of managing multiple mortgage-specific rules. You can configure it to suit the underwriting rules unique to each lender.
This automated underwriting system mortgage tool is programmed to alert underwriters with missing documents. This leads to an automatic dismissal of the file even without an underwriter having to look at it.
Q: Can users test run MSuite to ensure its functionality in their operational environment?
Rajeev: Yes, they can. Our clients have the option to do a pilot project with MSuite. They run the tool on their LOS UAT server, post which they run it on their production server. This process is possible when we are provided with complete access to the LOS UAT server.
Q: Why do you consider MSuite a cost-effective option for lenders?
Rajeev: As I have mentioned earlier MSuite is based on an automation-as-a-service model. This means that you do not have to make a large upfront investment to utilize this mortgage loan automation tool.
The fact that you do not need to make any major changes in your infrastructure is another cost-saving aspect of MSuite. We let our clients know the transaction price of the tool upfront. This lets them compare our quoted price with the price of other mortgage automation solutions and determine their cost savings.
The best thing about using MSuite is you can process 15-1500 files at a time at the same fixed price. This is particularly relevant in the mortgage industry. Lenders witness seasonal surges and ebb in demand for loans. You do not have to make extra investments when you have to use MSuite to process a massive volume of loan documents.
A renowned full-service direct residential mortgage lender had used MSuite to make the document indexing process super-fast and efficient. Our mortgage automation software helped the client to reduce staffing dependence to deal with incoming loan packages.
Q: How do you justify MSuite being different from other competing mortgage automation tools?
Rajeev: MSuite is the brainchild of mortgage experts who knows the industry in and out. They have come across and solved simple to complex challenges while serving over 100 lenders of all sizes. This makes MSuite tied to the ground reality of the mortgage industry and this makes this mortgage loan automation software different from others.
This tool is built based on the practical experiences of experts rather than hypothetical concepts. This makes MSuite extremely agile and configurable as per changing mortgage rules and dynamic business requirements of lenders.
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