CHECKPOINT AUDIT PRE-UNDERWRITING: Throughout the loan process, lenders create multiple stop points where an operations expert validates the data and documents before moving the loan forward to the next step. Checkpoint is integrated with the existing loan origination system to automatically pull documents and data, classify the document, extract important data, and compare data against the system of record and/or against other documents to highlight actionable issues or validate that the loan can move to the next step. Checkpoint ensures a file is set up properly and all discrepancies are addressed prior to an Underwriter beginning their work. Checkpoint @Pre-Underwriting enables underwriters to be more efficient and minimize errors.

CHECKPOINT AUDIT POST CLOSE: Checkpoint is integrated with the existing loan origination system to automatically pull documents and data, classify the document, extract important data, and compare data against the system of record and/or against other documents to highlight actionable issues or validate that the loan can move to the next step. The Post-Close Checkpoint module ensures all Closing Documents have been returned, are complete, and match the loan origination system and other important documents. Underwriting, Product, and Compliance rules can also be incorporated as part of specific configuration requirements. Checkpoint @ Post-Closing consistently identifies discrepancies and issues that can be resolved quickly before the file is delivered to an investor.

LOAN SETUP: Multiple automated processes can be combined to further increase the impact of the digital workforce. At the Loan Set-Up stage, the indexing of a document package is combined with a Digital Worker to monitor and retrieve signed initial disclosure packages and Third Party Service Orders such as Flood Determination and Fraud Cert. These processes run independently but are coordinated with MOZAIQ’s process orchestration to create a robust automated Loan Set Up process; seamlessly moving the file from submission to underwriting.

LOAN ESTIMATE: The wholesale mortgage Loan Estimate (LE) process involves coordination between the broker and the lender to ensure the disclosures sent to the borrower are accurate and within guidelines. MOZAIQ’s Loan Estimate automation verifies the loan fees and broker pricing on the submitted loan application to confirm compliance before generating an LE. The LE is then sent to the broker for approval. The broker uses a white-labelled website to approve the LE or update the fees. Updates are pushed back to the Loan Origination System and once the broker approves the LE, the Initial Disclosures are sent to the borrower, default UW conditions are added to the loan, and the milestone/stage is updated. After the Digital Worker has completed the process, an email is sent to the Ops Team to continue the loan fulfillment.

REDISCLOSURE: MOZAIQ’s digital worker takes on the Redisclosure process by monitoring a pipeline for loans where a Change of Circumstance has been submitted. Verification is performed on: Change of Circumstances reasons, related dates, and the completion of the LO and Borrower Contact information. Disclosures are then generated, confirming the required documents are compiled together, and the stacking template is correct before sending the updated disclosures to the borrower.

LOAN DELIVERY: The Loan Delivery process involves transferring data and documents between multiple internal and external websites. In this demo, a Digital Worker connects all the delivery steps together by completing the ULDD screens within the Loan Origination System, generating the LCA Report, verifying the UCD status, and generating the appropriate Post Closing forms. The Digital Worker then logs into Freddie/Fannie or other aggregator systems to upload the XML file, clear critical validations, and deliver the loan. Once a Servicer or sub-servicer is assigned to the loan, the Digital Worker picks up the loan and delivers the investor package to the servicer. Status updates are communicated with the Capital Markets system to keep the entire team updated on the status of each delivered loan.

MERS REGISTRATION: A Digital Worker monitors the pipeline within the Loan Origination System (LOS) and selects the next loan that is ready for processing. Required loan details are collected from the LOS, including the borrower, and property information. The Digital Worker logs in to the MERS Registration system and enters the loan details as well as the lender details to complete the registration process. The Digital Worker can also register a transfer of beneficiary and/or transfer of servicer events.

DATA EXTRACTION: The foundational process of Indexing, followed by Data Extraction from the indexed files is demonstrated here. These foundational processes are used throughout the origination and servicing lifecycle - either as standalone processes or to drive intelligent automation within specific processes like - loan setup, QC checklist, Initial Disclosures etc.

INDEXING: The foundational process of Indexing, followed by Data Extraction from the indexed files is demonstrated here. These foundational processes are used throughout the origination and servicing lifecycle - either as standalone processes or to drive intelligent automation within specific processes like - loan setup, QC checklist, Initial Disclosures etc.

LOCK CONFIRMATION: After an interest rate is locked, a lock confirmation needs to be sent to interested parties. In this demo, the Digital Worker will pick up a list of loans from the API, go to each loan within the Loan Origination System and generate the Lock Confirmation, save it to the appropriate folder, and send out email notifications confirming the interest rate and pricing that was locked. The interest rate can sometimes change throughout the loan process and the Digital Worker will re-run the process if requested by the user.

AUTOMATED EMAIL NOTIFICATIONS: Customize loan status notifications and maintain consistent communication with automation. Select the event that will trigger the email, determine the recipients, include attachments (if any) and compile the message. \ Email event examples: Lock Expiring, Conditions Log Updated, Close of Escrow approaching, Cleared to Close.

CHECKPOINT @ CD PREP: Prior to sending the initial CD, Checkpoint will automatically pull documents and data from the loan origination system. Checkpoint then runs a series of business rules to identify discrepancies, missing data, and other issues that must be corrected prior to sending the Initial CD.

SENDING FINAL CD: The automated process monitors the loan pipeline for loans where the Final CD has been requested. The CD dates are updated, the appropriate recipients are selected and added to the CD notifications, and the final CD is then generated, saved, and delivered.