MSuite - How It Works
MSuite presents the pinnacle of innovation. It integrates with Loan Originating Systems beside other apps from where the data is drawn. What it means to unversed is that clients needn't be bothered about having an extra infrastructure in place. The MSuite uses API calls to execute key functions on the Loan Origination System (LOS). It always guarantees robust security and integrity to the data whenever the API is invoked. Based on the percentage of your LOS that wish to be automated, we customize the workflow.
How MSuite Works?
MSuite is incredibly seamless to integrate with the LOS to achieve maximum efficiency without investing in infrastructure. They ensure security and data integrity within the workflow, which by the way is customizable depending on the scope of automation. MSuite also handles exceptions better than any low-key automation. Here's an outline of how MSuite works in handling exception -
1. Integration of MSuite with LOS
MSuite is integrated with the existing Loan Origination Systems (LOS) and sources from where data must be drawn.
2. Indexing Engine
Scanned documents are captured using OCR and digitally enhanced using the image recognition feature. It is then subject to splitting and indexing.
3. Data Extraction Engine
Any specific data that are valuable to Loan Officers are extracted from the document and conveyed to the underwriting engine.
4. Underwriting Engine
This part of the MSuite tool uses cognitive and predictive functions to assess risk profiles and pour effort into clean loan requests than applications riddled with complexities. Here, the system calculates income, assets, liabilities, and file reports on 1003 reviews, asset reviews, and credit/debit reviews.
5. AUS Engine
On the final leg of the loan processing with MSuite, AUS conditions are extracted, DU/LP is executed, and conditions are added to LOS besides ancillaries wherein loan status is changed and marked as complete.
6. MSuite's Exception Engine
The exception engine is activated if there is a lapse in the above process. The system intervenes and redirects the flow towards agents. Wherever agent intervention is warranted, the MSuite maps intelligently without causing choking the movement of clean loan packages.
1. Interfacing with Loan Origination System (LOS) via API
We use the OAuth 2.0 within the LOS to perform authentication. This is because the OAuth 2.0 facilitates MSuite to reach information submitted by users without revealing their credentials.
2. Syncing with Loan Origination System (LOS)
Requesting and updating loan information from the Loan Origination System (LOS) is possible in MSuite by using the Loan Origination System (LOS) API. Once the access level is configured for the MSuite, the system will automatically fetch data and documents from the LOS using APIs.
3. Standard Automated Indexing Workflow
With the API facilitating connection with the LOS, the MSuite fetches documents that are unindexed within the LOS placeholders. MSuite performs auto-indexing and OCR to tuck the indexed records into the respective slots within the LOS placeholders through the API functions. Should the mortgage loan be modified, it can be done efficiently through MSuite. This will be followed by automated email notifications to stakeholders. Being an OCD-based system, the MSuite is capable of picking unindexed data from the drive linked to the scanner via SFTP. The standard automation process is as follows -
i. Input Document Sources - The unindexed loan packages are consolidated from emails, fax, and scanned documents. They are absorbed into the system in the initial step
ii. OCR Engine - Being an OCR-based tool, the MSuite reads the loan packages from the last stage and extracts keyphrases and patterns that are relevant for underwriters to evaluate the borrower
iii. Rule Engine - In the rule engine, documents are identified, categorized, and split. If necessary, exceptions will be raised if documents are unidentifiable
iv. Upload Engine - Upload operations are easy because they are interfaced with LOS API. MSuite's upload engine can identify placeholders and carry documents to LOS
v. Final Output - In the output stage, the processed loan packages are split, categorized, and uploaded in one single operation
4. Automated Upfront Underwriting Workflow
The underwriting automation depends on the client's input. It's a custom workflow that we objectively design for the client. Our workflow process is as follows -
MSuite Compatible Loans
Automated underwriting begins in the LOS layer where the loan type is initially determined. The loan types compatible with the MSuite are refinanced, W2 borrowers, and purchased (if owner-occupied)
MSuite Queue
This queue lies halfway in the LOS and the rest within MSuite architecture. The qualified loan packages enter the queue and maintain course towards closure
LOS Document Folder
Qualified loan packages enter the document folder and the MSuite extracts specific documents from the folder that includes bank statements, credit reports, W2, driver's license, VOE, and paystubs
Update Loan Data
After document information is extracted, it is used to calculate the income and liabilities of the borrower. The latest information is updated in the loan data
MSuite Underwriter Rule Engine
If no exceptions are triggered, the information will reach the LOS where it reflects the data from automated reports generated by the MSuite underwriter after scrutiny. If the loan package is disqualified from running AUS due to missing data, the LO will be notified
Execute AUS
Clear files progress further for running AUS, the system generates a report, defining conditional parameters that must be met
Updated Loan with AUS conditions
After running the AUS, loan documents are handed to a processor, who dictates conditions. Once fulfilled, the clear loans are forwarded to an underwriter for clearing conditions and generating CTC
5. Test Environment for MSuite
Suppose you insist on using the MSuite on the LOS UAT server before moving on to the production server, we can facilitate your request. We help you understand and simulate the process before full-scale deployment into the production environment.
The Benefits of MSuite
MSuite bridges the gap in your process by bringing measurable benefits that are as follows -
MSuite removes any existing cap on processing capacity by managing 100% or even greater volume after notifying in advance (24-48 hours)
Reduces the effort needed to modify document placeholders by 75%. MSuite also streamlines data point mapping within LOS seamless
Accelerates turnaround time by 70% through task automation by MSuite. Unlike before, the document indexation and data input takes only a few moments to complete
Improves error reduction in indexing and input by up to 80% with adoption of MSuite
Saves over 50% of the cost through the manual onshore process and up to 30% for offshore processing
Leverage MSuite for Success
Here's a roadmap that takes MSuite tool into the heart of loan origination by integrating with LOS -
1. Signing of Contract
MSuite removes any existing cap on processing capacity by managing 100% or even greater volume after notifying in advance (24-48 hours)
2. Mapping and Integration of Documents
This step could last anywhere from 5 to 15 days where FWS facilitates integration with the live environment. The live environment is tested and document mapping will be performed
3. Feedback from UAT
In what would take no more than 3-4 days, MSuite gets access to the test environment within the LOS. This allows test files to be assigned and feedback or changes to be performed on the output
4. Customizations Driven By Feedback
The onsite team presents feedback that will be used to correct or modify the document
5. Make Live
On successful completion of the test, the MSuite pulls files for processing and pushes the data to live environment.
Today automation is considered the final frontier in the mortgage ecosystem. With that said, MSuite is considered a strategic driver and promises benefits that are more than a few offered by plain automation. What we offer is a solution that is rigged to improve the indexing, underwriting, and compliance in one fell swoop. We guarantee a tighter TAT, cost-efficiency, and most importantly precision in processing despite a high volume of unindexed file inflow.
In a nutshell, MSuite lets you manage more loan volumes within 24 to 48 hours. It takes less effort to modify placeholders and map data within LOS and speeds up indexing as well as input by 70% MSuite also reduces indexing errors by 80% and saves 50% or more cost.
Outsource MSuite Services to Flatworld Solutions
Choosing Flatworld Solutions as your MSuite service provider is the best step in the mortgage process. It helps you overcome the limitations of manual processes and the partial benefits offered by plain automation. Today, we are driving the change that lending institutions hope to see for better productivity and resourcefulness of their existing team. Our Mortgage Automation Software is shaping growth and dynamism like no other technology is capable of. It's helping lenders and mortgage institutions cope with volumes and accuracy issues that have been plaguing the origination process.
Contact us if you want our MSuite solution on your LOS tier to streamline the mortgage process
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Our Customers
Case Studies
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Flatworld's Automated Solution - MSuite Reduced Loan Closing Time Significantly for a US Client
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FWS Used its Tool, MSuite, to Enable a Leading Mortgage Company Streamline its Processes
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FWS Used its Tool, MSuite, to Enable a Leading Mortgage Company Streamline its Processes
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FWS Automated the Data Indexing and Extraction Process Using its Tool, MSuite, For a Top Mortgage Company
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Flatworld Automated Underwriting Processes for a Leading US Residential Lender
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