Accelerating Loan Closings with AI-powered Document Processing for a Leading Mortgage Platform to Achieve 99% Accuracy
About the Customer
The customer is a B2B loan officer CRM platform that simplifies the mortgage process for loan officers. Their user-friendly platform integrates borrower and lender management, document handling, and loan qualification, all within a single interface. They leverage a unique blend of AI and human interaction through video chat, alongside streamlined workflows, to significantly shorten the loan closing process.
Their Challenges
For a premier leader who’s been providing mortgage lenders and prospective home-buying borrowers with a unique platform to streamline the end-to-end loan application process, the customer faced a significant hurdle in achieving optimal efficiency:
Time-Consuming Manual Data Extraction
Extracting vital information from various financial documents (bank statements, tax forms, etc.) was a manual process. This time-consuming task limited loan officers’ ability to focus on higher-value activities such as client interaction and loan qualification.
Risk of Human
Error
Manually processing documents inherently increases the risk of errors during data extraction. These errors could potentially lead to delays, rework, and inaccuracies further down the loan processing pipeline.
Limited Scalability with Manual Approach
As the customer’s business grows, a manual document processing approach wouldn’t be scalable to handle increasing loan volumes. This could potentially create bottlenecks and hinder overall processing efficiency.
The Solution
Pre-trained DocAI Processors for Efficiency
The core of the solution lies in pre-trained DocAI processors and parsers from Google Cloud. These AI models are specifically designed to extract data from a wide range of financial documents, ensuring efficient and accurate information retrieval.
IMPACT
Frictionless Loan Experience
Loan officers can focus on client interaction as AI automated document processing. It also contributed to a smoother loan experience for borrower
IMPACT
Improved Accuracy
Electronic data extraction minimized human error and ensured consistent information retrieval, by 96%
Intelligent Document Classification
Uploaded loan documents are smartly classified by the system. This classification process directs each document to the appropriate DocAI parser, ensuring the most relevant AI model is used for accurate data extraction based on the document type (bank statement, tax form, etc.).
Custom Logic for Edge Cases
While pre-trained models handle the majority of data extraction tasks, Searce also built custom logic and post-processing rules. These rules address specific scenarios or edge cases, ensuring comprehensive data capture for even the most complex documents.
IMPACT
Faster Loan Processing
Streamlined document handling with 99% accuracy led to quicker loan approvals and closings
Success Story Highlights
Searce’s AI solution for the lending platform transformed loan document processing, automating workflows and accelerating mortgage closings. This enabled them to achieve 99% accuracy in document categorization and 96% in field extraction, drastically reducing manual intervention and streamlining processes.