Leverage superior analytics and insights with minimal investment to improve mortgage decisions

Docvu AI Article on Mortgage

As per a Forbes survey, 55% of respondents from mortgage companies believe that adopting AI in operations can reduce mortgage origination costs by 26%. In mortgages, where document processing errors can lead to incorrect credit decisions, it is vital to be 100% right the first time. A loan package generally, consists of hundreds of pages with a mix of structured and unstructured data and vastly varies in region and demographics. With precise document classification, lenders can quickly close the loop with customers to validate missing documents. Accurate indexing and data extraction into perfectly synchronized fields can provide a better impetus for underwriting specialists who will have more time to do their core, high-value jobs. DocVu.AI, an Intelligent Document Processing (IDP) solution goes beyond accurate data extraction – it leverages rules and workflow engines to make more data available into customized workflows for better and faster decisions.

As per Business Insider, AI has helped Bank of America to automate the mortgage lending process to the point where a customer now has to fill in just 10 fields on a mortgage application, down from 330. That’s helped boost mortgage originations by 6% in the first three quarters of 2019 and trimmed the closing process to 20 days.

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Today, AI-powered automation can take care of repetitive tasks and, importantly, perform more cognitive tasks. Document classification has exceeded human perception (more than 99.5 %), and data extraction is approximating human accuracy of 99.5%. This is primarily due to the expansion of machine learning neural networks—algorithms designed to mimic how the human brain processes information. We are largely familiar with neural networks as they are used in facial recognition, virtual assistants like Alexa and Siri, and self-driving cars. They have many other use cases, one of which is recognizing information in mortgage documents. The technology has evolved to identify information even if it is organized in different ways or has a different syntax.

How DocVu.AI reduces technology transformation risks and provides mortgage lenders what they want –

DocVu.AI on cloud-

While AI advancement is the primary driver of improvements, they are fueled by a substantial increase in cloud technology’s computing power. Businesses can utilize DocVu.AI’s hosting on the cloud to harness the power of AI with minimal effort and technical capability, so they can put the technology to work for them faster. This also makes them more flexible to scale up or down as per mortgage volumes. 

DocVu.AI operates on a zero investment and a pay-as-per-use model-

With a turnaround time of 2-4 weeks and a ‘zero’ investment model, it becomes extremely useful for lenders looking to take benefit of the advanced technologies in document processing without utilizing too much time capital for a technology upgrade. Moreover, a transformation should complement your technology landscape without creating more problems. DocVu.AI offers a ‘best-in-class’ suite of APIs to connect to the vast lending ecosystem, including legacy systems. It also has ready integrations with leading origination systems such as Encompass, MeridianLink Mortgage (formerly called LendingQB), Mortgage Director, Openclose, and more. So, to put things into perspective, you can quickly transform your loan operations without any costs – DocVu.AI team provides you with the latest AI/ML technologies with deep mortgage expertise, customizes rules and workflows, and hosts the system on the cloud. 

The mortgage intelligence you need-

The solution uses noise reduction technology to eliminate noise and extract the required information. Noise in document imaging is degradation in image quality due to external factors such as multi-photocopying of the images, problems in image capturing or degradation of documents over a period of time. DocVu.AI uses deep learning to train its AI models to learn from millions of images and accurately distinguish between real image detail and noise. 

Variation in templates used to mean that the system has to be re-configured each time whenever there was a change in the template. DocVu.AI identifies multiple document types in a multi-page document and automatically splits it into single pages along with classification. It recognizes the data labels with its pre-trained AI/ML models and captures the corresponding data and can be used readily to process unstructured or semi-structured data.

False positives (extracted data which is not true) can be absolutely detrimental. With exception handling-based workflows, DocVu.AI ensures that the data is always true. 

DocVu.AI is a specialized solution with over 3 decades of mortgage expertise and has a pre-configured mortgage library for over 2000 fields across 2000+ mortgage documents. DocVu.AI with its pre-trained AI/ML and NLP models provide guaranteed data extraction accuracy of over 99.5% to mortgage lenders. 

Reach out to us at docvu.ai@visionet.com to embrace automation with minimal costs.

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