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74 to connect disparate IT systems and data, so information is updated simultaneously. is helps employees evaluate loan documents and packages faster, knowing the information is accurate and make the best decision for the organization. With increased confidence that data is current, regardless of which application an employee is accessing that data, they gain time and confidence back. AUTOMATED DATA VALIDATION In many industries, it's vital to ensure data is correct from the moment it is ingested to avoid costly mistakes later. New regulations are driving demand for quality control and transparency throughout the process, extending servicer accountability for actions of third-party providers. Automated data extraction technology takes the burden of manually gathering, reviewing, and approving information off staff, removing this tedious and error-prone task from their job. Modern enterprise information platforms can extract the right information from a form using data extraction and validate that information by creating configurable rules per data field. e capture capabilities within these applications can perform mathematical functions or develop procedures by accordance with specific business processes, to further validate the information pulled from a document and compare it with values that exist in other systems. Once data is extracted, exceptions can be flagged and presented to staff to verify, along with the corresponding documentation, allowing for a quick and easy exception review process. SOPHISTICATED BUSINESS PROCESS MANAGEMENT/WORKFLOW As the financial services industry continues to embrace technology to promote fully digital processes, functionality such as business process management (BPM)/workflow becomes essential to automate time-consuming and manual processes. Transparency and consistency are among the top reasons servicers are seeking workflow–to know every process is following the same steps, ensure compliance, and see a holistic view of the process to determine where bottlenecks hinder efficiency. It can become overwhelming to manage the sheer amount of documentation required within default servicing procedures–if the information is lost it becomes risky as well. e best workflow solutions offer servicers capabilities to keep processes moving as quickly as possible, resulting in lower processing costs and increased consumer satisfaction. Not only do these solutions route the right information to the right person, at the right time, they also include timers and reminders to keep procedures moving and meet deadlines to speed loan modifications, foreclosure, and REO. Flagging of incomplete data prevents issues arising from missing information. ELECTRONIC DELIVERY Servicers have historically relied on paper files sent from their lenders, brokers, and correspondents. As the lending industry moves toward digitization, this reliance on paper can be detrimental to a servicer's ability to scale with the necessary demand. Servicers recognize that the ultimate cost on a per-loan basis directly correlates to their ability to accurately collect documents and data on the loans they receive and respond quickly to the increased demand. Technology has provided advantages for lenders and servicers to standardize the coordination, packaging, and delivery of loan files for processing. From meeting the individual requirements of each lending partner to ensuring compliance with federal mandates for uniform data delivery, technology can fill those gaps that the paper-based world left behind. Technologies that allow lenders to package loans in specific stacking orders, deliver files through enterprise file sync, and share platforms and give servicers the capabilities to capture, classify, and extract relevant data can have the ability to fundamentally transform how a servicer ultimately thrives in today's competitive lending environment. Some of the biggest struggles the industry continues to face include eliminating paper, garnering the right information, and promoting a (mostly) digital business. Using core functionality within an enterprise information platform, which works as an information hub to gather all information, servicers can connect IT systems, people, and processes to increase confidence in decisions and fully automate procedures. Decreasing reliance on paper ensures all information is included and bolsters compliance efforts to meet industry regulations. It provides increased transparency into processes, so managers know exactly where processes lie at any particular time. Tracking every action on a document makes audits easier. Increased self-service, better technology integrations, automated data validation, BPM/ workflow tools, and electronic delivery are some of the biggest technology trends we'll continue to see lenders and servicers implement to support their digital transformation efforts. "Not only do these solutions route the right information to the right person, at the right time, they also include timers and reminders to keep procedures moving and meet deadlines to speed loan modifications, foreclosure, and REO."