Capsilon Helps Companies in Mortgage Save 5.6 Million People Hours in 2018
Capsilon IQ allows companies to be faster, leaner and more profitable
Capsilon, a leading provider of mortgage automation software, today announced that its customers saved an estimated 5.6 million people hours collectively in 2018. Capsilon’s core technology, Capsilon IQ, uses data and AI to automate manual tasks and enable better, faster decision-making. This technology enabled Capsilon customers to realize these significant productivity gains, leading to better bottom line results while allowing them to scale quickly as volume fluctuates.
With lower mortgage originations, mortgage companies faced more competition for each loan, compressing margins and weakening business. A growing number of companies have responded by accelerating the adoption of technology, in particular for loan operations, so they are better positioned to outmaneuver competitors from a process and customer satisfaction standpoint, and make their operations more flexible to respond to market conditions.
“Lenders are looking for new operating strategies to respond to the changes in the market. In the past, many have relied solely on headcount to rightsize the business,” says Sanjeev Malaney, Founder and CEO of Capsilon. “We’ve seen the downside of that as a reactive tactic with companies carrying too many costs in a slowdown and being late to the market at the next turn. We’re offering an alternative so companies can pair technology with people to gain an operational advantage and proactively manage market conditions.”
Capsilon works with companies in mortgage across origination, correspondent lending and servicing. The Capsilon IQ platform automates many people-intensive processes, enabling employees to do work aligned with their skills - stepping in where judgment is needed. Each line of business derives unique benefits from the technology depending on their workflows and processes. For example, one large multi-channel lender was able to go from 100 FTEs to 10 FTEs to manage their post closing process by utilizing Capsilon IQ’s Investor Delivery automation.
Capsilon has several key enhancements planned to boost productivity gains and cost savings in 2019, focused on areas that continue to be the most people-intensive for customers, such as underwriting and post-closing. These are all designed to create true exception-based processes to help lenders do more with less.
“We continue to foresee challenges in the market into 2019. Our entire company is focused on how we can help lenders to better compete in this environment as they reshape their operations - without having to start from scratch,” says Jim Obsitnik, COO of Capsilon.