Automated Mortgage Processing
Automating Mortgage Loan Processing
Manual mortgage loan packet processing is a time-consuming, labor-intensive, and error prone task. Financial institutions must hire skilled knowledge workers to organize, read, understand, and evaluate mortgage applications properly. At hundreds of pages each, processing these loan packets in high volumes can become exceedingly resource-intensive without an automation solution in place.
With SoftWorks AI’s sophisticated mortgage process automation software, packets can be assembled, classified, and prioritized in a streamlined manner with exceptional accuracy rates. In addition, Trapeze for Mortgage Processing extracts and auto-validates critical data from the loan packets so that users can approve or deny loan applications with as little time and effort possible, improving turnaround time and helping financial institutions acquire more profitable loans in an efficient manner.
Understanding Loans and Accurately Extracting Key Fields
SoftWorks AI’s Trapeze software understands mortgage loan processing. Tax records, driver’s license photos and other required documents can vary widely in file type, structure, and data field location. Trapeze can ingest numerous file types (.doc, .xps, .zip, .eml, etc.) and classify distinct documents (credit reports, loan applications, closing disclosures, etc.) into appropriate categories to create an organized, automated environment. Leveraging our DOCS2DATA™ solution data elements are reconciled for transactional consistency, to insure that the document to data process is as fully automated as possible, with little to no human intervention Our ability to understand the entire loan packet fuels other functionalities in the mortgage life cycle such as cash flow analysis and income verification. This understanding enables our Automated Income Analysis and Verification module to dramatically improve underwriter productivity.
Beyond automated classification, Trapeze is able to extract data from both structured and unstructured forms, such as 1003 loan application forms and credit reports, respectively. For document types with lower auto-validation rates, Trapeze utilizes a sophisticated machine learning algorithm to consistently return better results, translating to a clear ROI over time. With this flexibility, Trapeze delivers a reliable automation solution that scales with financial institutions’ workloads and integrates seamlessly into existing workflows.
Accelerate Loan Processing Speed
Cut loan packet processing time by as much as 96% with automated data extraction and classification of loan documents.
Minimize Labor Costs
Significantly reduce manual data entry and free up time and resources to be used on higher value tasks.
Reliably Classify, Assemble, and Extract Data from Loan Packets
Using our highly accurate OCR recognition engine, maximize touchless automation rates for mortgage loan processing.
The Trapeze Mortgage Analytics platform tracks every aspect of the mortgage automation workflow, providing our clients with real time data on the overall effectiveness of their operations. Mortgage Analytics can analyze thousands of data points to provide a holistic view of your system’s performance and pinpoint where additional productivity gains can be realized.
Mortgage Automation Results
Through mortgage document automation, SoftWorks AI’s Trapeze software exceeded the organization’s requirements for a more efficient mortgage processing workflow, all while maintaining highly accurate data extraction rates. Our Trapeze solution enabled the organization to identify high-priority loans to be separated out and processed first. Critically, loan packet processing time was reduced from over 2 hours to under 5 minutes each, shattering the organization’s initial speed requisites to greatly accelerate their operations. Data field extraction accuracy rates were very high, and automated document assembly and classification rates were near-perfect. Trapeze was able to integrate seamlessly with the organization’s workflow to radically improve the speed and accuracy of the company’s mortgage loan processing system.
|Reduce mortgage loan processing time from over 2 hours to under 20 minutes.||SoftWorks AI’s Trapeze reduced loan packet processing time to under 5 minutes each.|
|Maintain processing quality with reliable accuracy rates.||Automated data field extraction performed with very high accuracy rates.|
|Assemble and classify document types accurately.||Automated document classification and assembly excelled with close to 100% accuracy.|
|Enable prioritization of loans with critical deadline requirements.||Trapeze enabled employees to identify high-priority mortgage loans to be separated out and processed first.|
|Preserve ease of use within the organization’s existing mortgage loan workflow.||Trapeze integrated seamlessly into the existing system for a single, simple workflow.|