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 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 Packets 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, birth certificates, etc.) into appropriate categories to create an organized, automated environment.

The automated mortgage loan procsess

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.

Benefits

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.

 

Trapeze for Mortgage Processing in the Real World: A Client Case Study

A Fortune 500 financial institution was struggling to scale its manual method of processing mortgage documents for peak performance. Mortgage loan packet processing time lagged at over 2 hours each, on average. Its existing, manual processing method was slow, and left the organization unable to prioritize high-priority loans in an efficient and timely manner. In order to accelerate mortgage document processing speeds, this major financial institution turned to SoftWorks AI’s advanced mortgage loan automation software, Trapeze for Mortgage Processing.

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.

Goal Benefits Achieved
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.