Document collection and verification is the process of requesting, receiving, validating, and extracting data from borrower documents required for loan underwriting. Manual handling creates bottlenecks in email management, document organization, and data entry, delaying loan approval timelines.
Automation generates personalized document requests, validates submissions for completeness and compliance, extracts key data automatically, and updates loan records in real time. This reduces processing time from 5-7 days to 1-2 days and cuts manual errors significantly.
The full workflow, from trigger to completion.
A new loan application is created. The automation detects the loan type and borrower email address.
The automation generates a personalized document request email listing all required documents for the loan type, with clear instructions and a secure upload link.
The generated email is sent to the borrower. A tracking record is created.
An automation monitors the borrower's email replies and a shared folder for document uploads. Documents are automatically organized by borrower and document type.
The automation reviews each submitted document for completeness, legibility, and compliance with regulatory requirements. Documents that fail validation are flagged for manual review.
If all documents pass validation, proceed to data extraction. If any documents are invalid or missing, trigger a re-request.
The automation extracts key data fields from validated documents and logs them and for underwriting review.
A notification is sent to the underwriting team confirming document completion and compliance clearance, with a link to the verified documents.
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