How We Simplified IRRRL Loan Reviews with Automation

Reviewing IRRRL (Interest Rate Reduction Refinance Loan) files used to be a tedious and time-consuming job. It required a lot of manual calculations to check if the loans met all the guidelines. This not only took hours but also left room for human errors, which could cost the client money and time.

When we started working on the process, everything was done manually. We spent the first few weeks learning the ins and outs of the task—what was being checked, the calculations involved, and the challenges faced by the team. It became clear that the repetitive number-crunching could be automated to save time and reduce mistakes.

Within a month, we developed a special RPA (Robotic Process Automation) tool to handle all the calculations for IRRRL loans. This tool did the hard part: performing accurate calculations and checking compliance. The only thing left for reviewers to do was go through the documents and ensure everything looked good.

But we didn’t stop there. The tool could also send the final loan decisions directly to the loan processors automatically, cutting out extra steps and making the process even faster.

The results were incredible. What used to take hours was now done in minutes. The tool saved the client thousands of dollars by eliminating errors and speeding up the workflow. The team was able to focus on more important tasks instead of getting stuck in manual calculations.

The client was thrilled with the results and appreciated how much smoother and more efficient the process had become. This success showed how technology can solve real problems and make work easier for everyone involved.