mortgage workflow automation engines
Finance

Streamline Everyday Functions with Mortgage Workflow Automation Engines

Written by Rajat Khattar Posted by Carolina
Rajat-Khattar

Rajat Khattar

A workflow is a series of steps that get work done in such a way that it automates business processes. Workflow engines allow for the configuration of the necessary flows, business rules, forms and reporting dashboards. A key component in workflow technology, it makes use of a database server, managing and monitoring the condition of activities, such as processing and approval of loan application forms, and determining which new activity to change to according to defined processes. The actions may range from saving application forms in a document management system to sending e-mail reminders to users and routing overdue items to management. Furthermore, mortgage workforce automation engines allow for the regulation and streamlining of the mortgage origination process.


Workflow Engines' Main Functions

The mortgage workflow engine is a core technique for task allocation in which it assigns tasks to various administrators, all the while communicating data among other participants. The engine can carry out random sequence of steps and functions.

  • Verification of current status – The mortgage engine checks whether the command is valid in executing a task.
  • Deciding the authority of users – Probes to see if the current user is allowed to execute said task.
  • Executing conditions script – After the previous steps are passed, the workflow engine begins to examine the conditions script. If the conditions are true, the engine executes the task. If the execution is successfully completed, it returns the success. If it fails, the error is reported, and the change is triggered and rolled back.

Apart from the functions at the core level of the engines, practical functions help to further streamline mortgage processes.

  • Documents are automatically sent to the right loan officer for processing.
  • Documents are captured and alerts are automatically sent out in case of errors.
  • Clients and agents are alerted if corrections are needed.
  • Documents can be exported as a PDF file and emailed.
  • Documents can be retrieved at a later date from any device by agents, loan officers or regulatory agencies.

Workflow Automation Engines, Business Rules and other Integrations

Mortgage workflow automation engines can be executed without writing code. The same goes for business rule engines which work hand in hand with work engines. A business rule engine is a software system that allows non-programmers to add or change business logic in a business process management system without writing any code. Many forms can be taken to support different types of evaluation.

  • Decision trees
  • Statement Rules
  • Expressions
  • Truth Tables
  • Sequential Rules

Mortgage workflow engines (as well as business rules engines) need data and events in other systems to be able to support. Click-through wizards for API and database connections can be made to new systems, making it easier for users.


More Reliance on Mortgage Workflow Automation Engines

There's a call for more transparency in the mortgage industry, as well as pressure to control costs in mortgage originations. That makes automated workflows, specifically workflow automation engines, more of a necessity for lenders. The integration of this software to help lenders endure regulatory demands, meet directives, and stay relevant will depend on stable mortgage workflow engines.

Disclaimer:

Chetu does not affect the opinion of this article. Any mention of a specific software, company or individual does not constitute an endorsement from either party unless otherwise specified. This blog should not be construed as legal advice.

Founded in 2000, Chetu is a global provider of SaaS application developers solutions and support services. Chetu's specialized technology and industry experts serve startups, SMBs, and Fortune 500 companies with an unparalleled software delivery model suited to the needs of the client. Chetu's one-stop-shop model spans the entire software technology spectrum. Headquartered in Plantation, Florida, Chetu has fourteen locations throughout the U.S. and abroad.


Privacy Policy | Legal Policy | Careers | Sitemap | Feedback | Referral | Contact Us

Copyright © 2000- Chetu Inc. All Rights Reserved.

Button to scroll to top

By continuing to use this website, you agree to our cookie policy. Learn more GOT IT