LoanLogics has released a white paper explaining how mortgage lenders can “employ” digital labor more effectively with human staff, more flexibly as their digital workforce grows and more strategically using verified loan file data to power even more sophisticated automated solutions.
The white paper, “A Field Guide for the Care and Feeding of Digital Labor,” defines and lays out best practices for implementing a digital workforce. It also explains how digitizing work will reshape the lending process and answers important questions for lenders thinking about leveraging digital labor, such as how to prepare their organizations, technology architecture considerations that should be evaluated, how to utilize and share data across their IT infrastructure and more.
“COVID-19 forced lenders and borrowers into a remote, digital process and there is no turning back. However, as lenders begin moving toward expanding digital workforces, they can easily get caught up in the details and miss the big picture,” said LoanLogics CEO Bill Neville. “Our white paper is designed to help lenders understand how adopting digital labor will lead to more flexible business processes, lower costs and an improved ability to scale business, while simultaneously enhancing the value of their human staff.”
The white paper defines digital labor as technologies that produce value by automating time-consuming, tedious and rule-based work. The authors explain how lenders can elevate the value of digital labor by collaborating with technology partners and though the use of integrations and application programming interfaces, or APIs. The white paper includes examples of using real time document processing and post-close QC automation technologies to classify documents, extract data and run audit rules, tasks that traditionally take significant staff time and effort.
“In a nutshell, digital labor is about using technology to do the heavy lifting involved in loan production that has traditionally driven up costs,” said Paul Vancheri, EVP of Technology at LoanLogics. “Digital labor enhances intellectual labor by freeing up staff to focus on more strategic and high value work, such as defining lending parameters to balance risk with growth and profit goals.”
The white paper also helps lenders understand concepts that are critical to deploying digital labor, such as Infrastructure as a Service (IaaS), Infrastructure as Code (IaC), microservices architectures, and the difference between “cloud enabled” and “cloud native” technologies.