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.
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.
The mortgage engine checks whether the command is valid in executing a task.
Probes to see if the current user is allowed to execute said task.
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.
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.
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.
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.
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