Every lock was 40 minutes of work by hand.
A BPO runs loan locking for 7 US independent mortgage banks. For each lock, someone pulled the loan from the lender's loan origination system, checked it, priced it, submitted the lock in the investor portal and recorded the confirmation. Each lock took 40 minutes, and prices change during the day, so locks could not wait in a queue.
A digital worker that picks up every lock request.
A Ramain digital worker picks up each lock request, checks the loan data, pulls the pricing and submits the lock in the investor portal. It records the confirmation against the loan and logs every step. When something does not add up, such as a pricing conflict, a loan that fails a check or an investor the desk does not support, it stops and sends the case to a person on the lock desk.
15 minutes a lock, at 70% lower cost.
- $2.5 billion a year in loans locked autonomously.
- Locks for more than 1,000 US homeowners a month.
- Time per lock down from 40 minutes to 15.
- 70% lower cost for the BPO that provides this service to 7 US independent mortgage banks.