If you’re a mortgage company, or part of any business related to loan servicing, it’s been a busy couple of months. Requests for forbearance jumped by 2,000% in March 2020. Average wait times for calls went from under two minutes to more than 17. Workers are overwhelmed, customers are frustrated and concerned, and many customers are not getting the support they need when they need it most.
An intelligent document processing (IDP) solution can help your organization manage the influx of requests and better service your customers. We’ve put together some questions and answers to help you understand exactly what this means for your business.
What is IDP?
Intelligent document processing [IDP] is automated software that can accurately and efficiently process both handwritten and computer-generated documents and extract relevant information. This software allows organizations to move away from manual data entry on things like forbearance requests, thereby increasing speed and reducing errors.
While there have always been peaks and valleys in mortgage requests, the current pandemic has created a unique influx of paperwork and processing. This has further strained complex, existing processes and overwhelmed a now-remote workforce. IDP solutions can help companies more effectively scale their processes to handle variable document volume, so they aren’t overwhelmed by more regular influxes in paperwork or unexpected crises.
How is it used?
IDP software processes documents at the beginning of a request. Some of the commonly processed documents are:
- Assistance applications
- Account statements
- Financial worksheets and report
- Hardship affidavits
- IRS forms
- Property information
- Signature pages
Hyperscience, for example, can ingest documents submitted in a variety of ways, including online forms, PDFs, JPEGs, and more and extract and structure the relevant information for further downstream processing. Solutions like Hyperscience are smart about pulling in human assistance when the machine learning algorithms determine additional input is needed, maximizing human intellect while creating automated processing capabilities that are not dependent on manual labor.
How can IDP help during crisis management?
The need for quick, accurate processing has never been greater. Individuals and organizations are relying on decisions made by data, but thanks to IDP software, your business can thrive during unexpected surges in demand.
IDP can help manage sudden influx by:
- Support mailroom employees by reducing the volume of paper document requests.
- Increase data efficiency and accuracy by reducing errors and risks while maintaining operational efficiency.
- Reducing delays in responding to customers and processing their requests.
- Scaling processes so at extreme peak times companies are better able to redeploy workers where needed.
- Manage company goals of processing requests and getting them back out the door as soon as possible, with minimal risk.
IDP can lead to faster response times, more accurate processing, and a reduction in requests for additional information. Time-sensitive paperwork can be processed in the necessary timeframe. Plus, an overall sense of urgency will allow customers to feel taken care of and valued in a time of extreme need.
How will IDP continue to support lenders with forthcoming forbearance requests?
Many businesses are so preoccupied managing the shift to remote work and getting through current requests that it may seem difficult to even think about implementing new software. However, decisions made now will help support your employees exceed customer expectations when the next wave of forbearance and hardship requests comes in.
Economists are predicting a Nike swoosh-shaped recovery, meaning there will likely be additional deluges of requests. Without a quick hiring rebound, more individuals will likely need to request loan modifications, refinancing, and other systems of support to keep their homes and businesses intact. With IDP software in place, you’ll have the extra support to aid both your employees and customers through additional times of hardship.
Contact us to take the next steps towards automation.