Let’s face it—the mortgage industry isn’t exactly known for being quick or painless. If you’re still relying on manual processes and disjointed workflows, you’re practically inviting delays, errors, and costly buybacks to crash your party. Enter Prism, the AI-powered workflow automation solution from Lender Toolkit that’s turning chaos into clarity for Encompass by ICE Mortgage Technology users.
Why Mortgage Workflow Automation Matters
Mortgage workflow automation isn’t just about shaving a few minutes off your day—it’s about transforming your entire loan lifecycle. Manual processes often result in duplicated tasks, delayed closings, and inconsistent underwriting. In contrast, automated workflows improve data accuracy, increase speed, and support compliance with ever-changing lending regulations.
According to the MBA, loan production expenses continue to climb year over year. With the average cost to originate a loan exceeding $11,000, every inefficiency matters. That’s where Prism delivers measurable impact.
How Prism Streamlines Encompass Mortgage Workflow Automation
- AI-Powered Document Processing Manual data entry? That’s so 2010. Prism uses 99% accurate OCR technology to pull data from PDFs, scanned documents, and even smartphone images. This eliminates redundant keystrokes and reduces the chance of human error—a common culprit in costly repurchases.
- Income & Asset Automation Income calculations are often the bane of an underwriter’s existence. Prism’s Income Calculator and Asset Analyzer not only automate this task but also flag potential issues before submission. This means fewer conditions, smoother underwriting, and cleaner files that don’t come back to haunt you.
- Error Detection Before It’s Too Late Catching a problem at the eleventh hour? That’s stressful. Prism flags issues early in the process, allowing teams to address problems before a file hits underwriting. This contributes to a 12 to 17-day close time for some lenders—well below the industry average of 30+ days.
- One-Touch Submissions With Prism, files are fully underwritten and error-free before being submitted. This reduces downstream friction and gives secondary market investors greater confidence in the quality of your loans.
The ROI of Mortgage Workflow Automation
What kind of return are lenders seeing with Prism? According to a Vice Capital Markets study, clients reported:
- $85 more revenue per loan
- Over $250,000 in added annual profit
- Lower extension fees due to faster closes
- Fewer loan repurchase requests
- Higher underwriter productivity and capacity
And let’s not forget the indirect benefits—improved borrower experience, happier staff, and fewer all-nighters spent fixing errors before a deadline.
Real Feedback from the Field
“We have been with LTK for over two years. They have helped us streamline many of our Encompass processes and create automated workflows to ensure compliance and accuracy in our loan process. They have been a great partner for us, they listen to our needs and have real solutions.” – Top 10 US Lender
“Prism has been a lifesaver—seeing a lift on initial UW and resubmissions.” – Top 10 US Lender
“We close in 12 to 17 days because Prism ensures clean, pre-underwritten files.” – Top 10 US Lender
Final Thoughts
Mortgage workflow automation is no longer a future state—it’s happening right now. While there are many tools in the market, Prism stands out by offering real ROI, seamless Encompass integration, and glowing testimonials from lenders who are actually seeing results.
Whether you’re looking to reduce loan manufacturing costs, improve compliance, or just make your team’s life a little easier, Prism deserves a look. Schedule a consultation today and see how smart automation can transform your business.
