Asset Automation

 I have a long history with the automation of assets. In 2018 I led the implementation of an asset automation project that used vendor data to prefill the customer's application. The customer would select their financial institution and provide their credentials. 

Using their banking and investment data we created a proprietary asset verification document that provided a holistic view of their assets. It included account summary details, transaction ledgers, and graphs showing asset allocation. We also mapped the data to the loan application to simplify data entry and ensure accuracy. We auto-received the correlating asset conditions with a rule based approach to automation and streamlined the review process for the underwriter. 

This solution, however, only applied to external asset accounts. In 2024 I led an effort to automate internal assets.

The interesting thing about assets is it highlights the importance of a data strategy and its impact on the solution. When underwriting assets, we typically need to review all the transactions to ensure there are no red flags and certain policies are met. We were faced with an interesting challenge that required a unique solution. I identified that we still allow the use of a Verification of Deposit as acceptable documentation to qualify assets. This document is only a summary of the client's asset account and does not include transaction history. By using this document, I could eliminate the need to get bogged down in trying to automate the underwriting of the transaction data which led to an automation rate of approximately 25%, delivered in August 2024.