Introduction:
Workflow automation is a critical component of Lender’s platform, designed to streamline mortgage processes and enhance operational efficiency. Alongside Loan Actions, another core feature of this automation is Automated Actions. This article will explore what Automated Actions are, how they work, and their benefits in the loan origination process.
What are Automated Actions?
Automated Actions are predefined tasks that the system carries out automatically based on specific triggers and conditions. Unlike Loan Actions, which require user interaction through buttons in the Loan Editor interface, Automated Actions run seamlessly in the background without any manual intervention. This ensures that routine tasks are consistently executed, improving efficiency and reducing the risk of human error.
Core Features of Automated Actions:
Trigger-Based Execution:
Automated Actions are initiated by specific triggers, such as changes in loan status, completion of certain tasks, or predefined time intervals. These triggers ensure that the right actions are taken at the right time without any manual input.
Predefined Tasks:
Each Automated Action consists of one or multiple predefined tasks. These tasks can include updating loan statuses, sending notifications, generating documents, and more. This automation allows complex workflows to be carried out smoothly and efficiently.
Customizable Conditions:
The conditions for triggering Automated Actions can be customized to fit the specific needs of your organization. This flexibility allows you to tailor the automation to your unique business processes, ensuring that the system works in harmony with your operations.
Consistency and Reliability:
By automating routine tasks, Automated Actions help ensure that processes are carried out consistently and reliably. This reduces the risk of errors and ensures that all necessary steps are completed without delay.
Benefits of Using Automated Actions:
Efficiency:
Automating routine tasks saves time and effort for users, allowing them to focus on more critical aspects of the loan process.
Accuracy:
Automated Actions reduce the risk of human error, ensuring that each step is executed correctly every time.
Consistency:
Standardized automation helps maintain uniformity across the organization, ensuring that all users follow the same procedures.
Customization:
The ability to customize Automated Actions means that you can tailor the automation to fit your specific workflow needs, enhancing overall effectiveness.
Example Use Case:
Consider a scenario where a loan application has been approved. An Automated Action could be set up to trigger when the loan status changes to "Approved." This action could automatically send an approval notification to the borrower, update the loan status in the system, generate the necessary approval documents, and schedule a follow-up task for the loan officer. By automating these tasks, the system ensures that all necessary steps are completed promptly and accurately without requiring manual intervention.