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00:00I'm Allison LaBorgia, Managing Editor of HousingWire's Content Studio, and today we're
00:09going through a demo of Automate Mods. Founded in 2022 by mortgage industry veterans with over
00:15two decades of experience in the mortgage default business, Automation leads automation
00:22and digital transformation in the mortgage industry. At the core of its approach is Automate
00:28Workflow, a proprietary automation platform that streamlines operations through seamless,
00:33intuitive interfaces, reducing manual effort and increasing efficiency. Leveraging its drip
00:40innovation methodology and advanced AI, Automation enhances compliance, decision-making, and
00:47scalability, delivering measurable results, reducing costs, and enabling rapid growth through agile
00:53client-focused solutions. That's just the beginning of a very interesting demo. I'm going to
00:58pass things over to the Automation team to take us through the demo. The floor is yours.
01:03Thank you, Allison. Hello, everyone. Welcome to this session with us. I'm Sapan Bafna, founder
01:10and CEO at Automation, and together with me is Devan Kamdar, our CTO and co-founder.
01:18We'll quickly do an overview on Automation. We are US-based, recently got ISO certified,
01:25SOC 2 certified offices in Dallas, as well as in Fort Lauderdale, Florida. We have a strong team of 250
01:32people. These are all professionals with decades of experience in mortgage and finance. We have been in
01:39the battlefield delivering cost-reducing solutions for the industry with quality, with the customer
01:45experience, which is unmatched. Our goal is to be purposeful and drive continuous innovation for our clients.
01:53And we are also very proud to note that we are the recipients of Mortgage Point Tech Excellence Award
02:00and Housing Via Tech 100 Award.
02:06About Automate Mods. So, Automate Mods is a modular platform. You will see the demo coming up shortly here.
02:13But it streamlines and automates each and every piece of loan modification, all the way starting from
02:18a decisioning for all investors to any minor processes in the middle, like a title ordering
02:26for whichever investor requires it, or title curative work, generation of documents, fulfillment
02:32of those documents, which is mailing, printing, shipping, and then in the end, doing recording services on it.
02:39We do it all. And we do it with responsible AI. And our technology stack takes you forward to the future.
02:48It's built on API-first architecture, which makes integrations with existing systems much easier than what we have dealt with as an industry before.
02:57Again, some proud moments for us, I want to mention. We were the first entity to launch FHA Payment Supplement Program in the country last year.
03:07We were the first ones to launch the VA VAS program. Again, the client we had decided not to go first, but we were the first technology company to launch it.
03:16We support all investors, FHA, VA, USDA, and we are integrated with Fannie Mae on SMDU, Freddie Mac on Resolve, and we support all private investor guidelines modifications as well.
03:29Our workflow makes it super easy to drive any document you want to bring on the workflow, be it deferrals, trials, partial claims, mods, or combos.
03:39And the beauty of our workflow automation is it can customize, it can be customized to a specific service of need.
03:49So if you want to handle, for example, your title curative work in a particular way or your exceptions in a particular way, we can set the workflow just for you.
03:59So you get the best of both worlds. You get the commodity side of the equation where all the decisions, all the docs are same across the board.
04:08And you can customize things for you as well. This is a quick workflow which shows the process from how the tool handles data ingestion to decisioning to doc gen,
04:19where we give you rep and warranted recordable documents. That's our guarantee to you.
04:24It has inline QC inbuilt, fulfillment, and all of the fulfillment and tracking, as you will see it in the demo, drives accuracy to six sigma levels.
04:34And again, we stand behind the quality or that work is done at no cost for you. All the way, in the end, taking the recorded document to the custodian.
04:43We, again, handle it end-to-end. You can choose the piece you want. If you just want us to do doc gen, we can just do that or we can do the entire thing.
04:52I'm going to ask my colleague here to now take us through the demo of the application.
04:59Sure, Saban. Thank you very much.
05:02Hi. What you are seeing here is our platform AutomateMods that Saban was earlier talking about.
05:07You know, it is a completely hosted solution. It supports role-based accesses.
05:13As soon as a user is on AutomateMods, they are greeted with a dashboard.
05:17These dashboards are completely customizable.
05:20In order to get the data on the system, you know, there are a few ways.
05:24You know, you can upload the file. We support file-based exchanges through secured FTP.
05:28Or as we are an API-first platform, we are able to integrate with our client systems through APIs.
05:35Once the data is on the system, we are able to check the accuracy and the completeness of the data.
05:41If the data is incomplete or inaccurate, we are able to go and edit the data for completeness and accuracy.
05:50And if any documents are needed, right, we are also able to order those documents through our partners.
06:00Once the data is complete on the system, the system automatically starts the decisioning process, you know, on the loans.
06:08We have all the decisioning waterfalls built for all the standard investors out there, be it Fannie, Freddie, FHA, VA, USDA.
06:16And we are also able to customize and build private investor waterfalls as required.
06:22Here, I'm going to go ahead and, you know, open an FHA loan.
06:27So I'll go here and save you loan.
06:30As soon as we go into the view loan screen in the decision summary, you know, this is basically a high level recommended outcomes, you know, for the loan.
06:38And if you go down to the decision calculation section, it actually showcases each and every waterfall that the loan went through.
06:45If a loan was not eligible for a particular program, it will state the reasons why it was not eligible.
06:52And for the program that was eligible, it will go ahead and produce all the workout details as well.
06:58So in this case, all the pertinent data elements are all built in, you know, for this particular workout program.
07:06Once the, you know, decisions are taken, right, our decisioning is performed, we are also able to go ahead and generate the loan modification documents.
07:19I'll go ahead and showcase the loan modification document.
07:23We do have all the, you know, templates for all the standard investors programmed on the system.
07:28In this case, I'll go ahead and open a HULT document FHA.
07:35These are the documents that are, you know, built, you know, on the system.
07:39They are in a completely recordable format.
07:42We stand behind the reps and warranties of these documents.
07:45The documents do have barcodes.
07:47We support barcodes as well as QR codes on these documents.
07:51And as you can see, you know, it's a completely recordable, compliant document.
07:58We support inline QC as Sepul was talking about earlier.
08:04So, you know, the client users do have a chance to come in and approve, reject, or put the loans in a review required state.
08:13In this case, I'm going to go ahead and approve this document.
08:17Once the documents are approved, we are also able to take the documents to the borrowers right from the system.
08:23In this case, I'll go to the loan that I just approved.
08:26And we are able to ship the documents using FedEx, who is our preferred shipping partner.
08:31And we do have mobile notary integration on the system as well.
08:36Depending upon the choice of the client, we are able to go ahead and ship the documents out to the borrowers as well.
08:43Once the borrowers execute the documents, if required, we are able to ingest the documents from the borrowers, perform a QC on it.
08:50If needed, we also will be able to reshift the documents, you know, with custom cover letters to the borrowers.
08:58As Saban talked about earlier, we are an API first platform.
09:03So we do have our integration module.
09:07We call it Automate Fusion.
09:09And through this Automate Fusion, it allows us to easily hook into client systems or any partner systems through API integrations.
09:18What an interesting platform.
09:20Let's jump right into some questions.
09:22So the first question that I have is, can we decide to use specific modules of Automate Mods?
09:31Yes, yes, absolutely.
09:33We want our clients to have that option if they have a platform which they have recently integrated and it's working for them.
09:43There is no reason to change that.
09:45At the same time, the beauty and the power of the application when it's used end to end.
09:50But the application can be used modular as well.
09:53And what is involved with implementation and integration?
09:57Implementation usually involves us connecting, getting the data from client servicing system.
10:04In some cases, we can get the data via SFTP or we can do an API integration, a data file.
10:14We have experience and have supported multiple clients over the years.
10:19We support our clients with that integration and the data mapping which is required.
10:24Some clients also handle it via data warehouse mechanism.
10:28So whichever way, we support our clients with the integration.
10:32We handle all the setup activities once the data mapping is done, be it the custom cover letters to what client requires,
10:39to the standard decisioning doc setups.
10:41We handle all of that.
10:43And we are so confident in our integration and setup that we are currently not charging any setup fee for all standard documents and decisions.
10:53Now I'm going to ask you a hard question.
10:55How do you accomplish all of this and keep up with compliance and guideline changes?
11:03Absolutely.
11:04So again, if there is one thing which is non-negotiable in our business is the compliance piece.
11:11And we have to do it cost effectively.
11:14So our model has been simple.
11:17We have very defined process for how everything goes through first a review of the compliance need to what is the impact of that compliance,
11:26goes through a ticket, goes through the development process, QA, UAT.
11:30I mean, you know, this very strict sprint process.
11:33We have team members who have done this compliance work for years and years.
11:37They are part of our organization.
11:39That is what they do day in, day out, be it on decisioning or docs.
11:43And because we handle this work end to end, even if for some reason a document change happened at a county level, we were not aware of it.
11:52Our recording team will become aware when they send the document for recording.
11:55So one, to reduce the impact on the client, any of that situation will handle at no cost to the client if we have to resend a document for recording.
12:04And two, because as soon as we know and we are standing behind the quality of our product, our goal is to fix that issue right away versus wait on it and, you know, have hundreds of documents which have gone out non-compliant.
12:18Even one document or one error is too much for us.
12:21So that approach has made us bring the best in-plus compliance for the industry.
12:26What a wonderful way to approach compliance and guideline changes.
12:32Thank you both for taking us through Automate Mods.
12:36For more information about Automate, click the link below.