We are no longer required to extract mortgage valuations and complete missing mandatory fields. This work is carried out by a virtual worker. It helps us meet regulatory requirements and rapidly deliver decisions to our members.”Narinder Deswal Lending Operations Team Leader
Member satisfaction is at the heart of everything offered by Monmouthshire Building Society (MBS). When members buy a home, they turn to their building society to secure a mortgage. To ensure the homebuyer is paying a fair price for their home, the Society conducts a valuation on the property. However, due to the substantial amount of data provided within a valuation report information can occasionally be missed or overlooked. To make the process more efficient, the Society brought in a new colleague.
Determining the actual value of a home is a critical component to the mortgage lending process. Homebuyers want to ensure they’re not overpaying for a home, and lenders want to ensure that the mortgage they provide is based on a fair value. Once a property assessment has been conducted, a valuation report is generated. MBS colleagues then download each report manually and input the data into their secure internal system. Due to the high volume of reports and the laborious nature of the task, key information is often omitted and incomplete, requiring manual detective work. This can delay mortgage processing and leave homebuyers waiting. Additionally, valuation reports must be complete to satisfy monthly government reporting requirements.
A new colleague—a Blue Prism digital worker—was brought on to offload the valuation reporting tasks from his human colleagues. Each day, the financial automation digital worker checks the third-party portal for new valuation reports and downloads them to the Society’s back-office system. Next, it checks each report for missing information. If fields are missing, like property type or number of rooms, the digital worker locates the information and adds it to the form. Lastly, it sends the completed report to its human team.
The digital worker keeps the valuation queue clear and has contributed to the process’s efficiency. In just one month, it processed 187 valuations, giving 4.5 quality working days back to colleagues. Employees can now spend more time on value-added work like delivering excellent service to members. Homebuyers receive information and key mortgage-related decisions earlier so they can move forward with their purchase. And the Society can be sure that the reports they sent to the regulator are complete and error free.
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