Mortgage processing automation is about more than simply reducing document handling costs. It is really about moving loans faster through the approval cycle. If you rely on manual processes to identify and sort loan-related documentation or using custom-built software routines, your business is missing out on significant revenue.
Due to automation, a 20% increase in throughput can mean tens of millions of dollars in more loans.
Simply put, a 20% increase in throughput due to modern automation can mean tens of millions of dollars in more loans. It’s called accelerated capital realization. With increased turns, the net present value of your portfolio significantly increases.
Document Identification and Document Separation
Instead of relying on brittle, hand-coded rules, Parascript software quickly learns how to distinguish from many 100s of different documents involved in a loan process and breaks them apart for further review, using multiple machine learning classifiers. Adapting to changing document requirements is simple; you simply add new documents, and the system learns about them.
Most capture systems get slower and less accurate as more document types are trained. The only way to manage this problem has been through hundreds of hours of fine tuning. However, with the Parascript proprietary Cascade Classifier, all of this work is reduced to the push of a button. The result is the industry’s highest level of accuracy and throughput without the typical costs.
Separating documents is also simplified with Parascript automated document boundary detection. Results of classification are automatically applied to determine first, middle and last pages so that your team spends less time sifting through a merged file of documents.
Parascript mortgage document automation enables you to process more loans, faster, and more reliably than any other solution.
Automate your mortgage processing: classify documents by type, extract key information to be processed and verify the data, using Parascript FormXtra.AI – the zero configuration self-learning software.
Automation can handle both identification of documents and separation of the documents. Parascript FormXtra.AI intelligently synthesizes multiple classification techniques to produce the industry’s best results. The result is a mortgage document automation system powered by the industry’s first fully automated multiple classifier system producing 20 percent higher accuracy and seven times higher throughput.
Self-Learning, Zero Configuration Software
Leveraging Parascript FormXtra.AI automatically:
- Analyze both structured and unstructured documents with features such as identification of the scanned and handwritten text using advanced capture capabilities.
- Understand the text and categorize the documents, extract useful information.
- Process mortgage application information for pattern recognition, anomaly detection, document comparison and to match information across documents.
The result is a mortgage document automation system powered by the industry’s first fully automated multiple classifier system producing 20 percent higher accuracy and seven times higher throughput.