Manual and Bulk Loan Application Entry

Continuing our series on Digital Business Automation and how we can help make a business more efficient and effective, I’m going providing a few articles about a project our team recently put together. This was a proof of concept (POC) project in the loan industry. As we move through this series, I will highlight some finer details of features and design. This particular project was completed using IBM Business Process Management (BPM) and Operational Decision Manager (ODM), along with some external API integration. This video focuses on the mortgage industry; however, we’ve used the tools and methods described here to successfully implement solutions in the financial, manufacturing, retail, medical and many other varied business sectors.

In this demonstration we use BPM and ODM to create an application that helps process requests for loan underwriting from a government agency. The users in this demo will be from either the mortgage industry (i.e., bankers) or from inside the government underwriting agency (underwriters). From the bank’s perspective, they submit a loan underwriting application created inside BPM, crafted to comply with MISMO standards. This type of requirement is common across any industry with regulatory oversight and BPM and ODM are excellent platforms to turn those requirements and forms into streamlined applications with built-in rules processing. During this demo we will get “under the hood” to see what is happening inside both BPM and ODM; however users will only see simple web forms that correlate with the “pen and paper” world of forms from which we derived our application.

All work items can be found in the Process Portal, a page that presents users with the tasks they can take ownership of and work on. You might think of it as a daily to-do list. From this view, users can see the loans they have submitted for underwriting and some of the status indicators. Filters and saved searches let users find items quickly, as you will see in later videos, it is possible to see precisely where any work item is in the process, literally tracing it through the workflow. Since we will be examining this application from the point of view of both bankers and the underwriters, as you might imagine, users with different job roles will have different views of these items.

In this example we show manual data entry through a MISMO-like form and demonstrate a bulk import. We could have used a file uploader to enter the loan applications as well as building an API connector to import them from another system. BPM comes equipped for a variety of interfaces to enable connections with your internal systems or API-enabled external systems such as the postal service example in this video.

As we move through these videos, we examine how:

  • An application passes from a banker to the underwriter
  • Loan Applications are triaged
  • Business rules are applied
  • System Integrations are implemented
  • Business owners control business rules

These tools can be applied to your business regardless of category. In a broad sense, managing workflows, documentation, notifications, process approval, and business-logic are universally useful.

If want to learn how Apex can help your company experience a Digital Business Automation makeover, contact us at info@apexbpm.com or (947) 282–6026.

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