AI & ML are an important means to bring the next level of improvements in mortgage operations. In mortgage document processing, the buzzwords are AI & ML capabilities however the maturity is low and the scope is undefined. DocVu’s Mortgage Intelligence is AI & ML customized for Document processing for Mortgage. Mortgage Intelligence can improve specific document processing capabilities in mortgage and general data extraction capabilities in OCRs. look at the top 5 capabilities of Mortgage Intelligence.
- Template-less – There are certain documents such as bank statements or invoices that have a wide (near unlimited) variety of variations.To address this we need to be able to classify documents and extract data irrespective of the template (or lack of). We have AI & ML models that can classify a document based on the data in it and extract the data based on identifiers. The ability of Template-less document is not a cure all but is extremely useful with certain documents.
- Summarize – Natural language processing can enables you to summarize long form content into concise sentences which accelerates reviews. Alternately NLP can extract and categorize key phrases and sentences that can enable a faster review.
- Noise elimination – Document quality and noise are very important hurdles in mortgage document processing and play a critical role in improving the quality of document processing. Today we have the capability to identify and correct the orientation or the scanned document and eliminate noise and maximize readability of each document using the right algorithms in image processing. All this is done using our AI & ML based components.
- Data robustness – AI & ML in OCRs ensures that we can read any font in an image and improve the readability of the document. In some data fields AI & ML can validate if the extracted data is correct. As an example AI & ML can be used to validate the data extracted from a name data field as the data is a noun and AI & ML can recognize nouns.
- Handwritten & signatures – This is the latest capability that AI and ML bring to document processing. The ability to read block and cursive handwritten data and signatures. This again increases the scope that document processing brings.
These are some of the areas that AI & ML can help extensively in document processing. There are many more areas and we would love to show that to you. Let us know if you are interested to know more. “We have more details that lets you explore how DocVu.AI helps you to make your operations more efficient with the following article.”