The large volume of documents coming into a Mortgage bank comes from different sources in different formats and needs manual inspection to check for completeness. AI can cut down or minimize the human intervention that it is required for the daily process of document ingestion and creation within a Mortgage organization in these following areas.
Document Collection
The multi-channel documentation problem can be solved by implementing a standardized single entry point for all documents.
This standardized repeatable path will a process pipeline system where all content is normalized and then passed to an AI processing engine for analysis.
This AI engine will be pre trained through the use of supervised machine learning to perform analysis which automates:
Document Separation in case of stacked PDFs where different documents are bundled into a single document.
Document Classification to identify the document types.
Once supervised, Machine Learning models can be created to completely automate Document Classification and Document Separation process.
Data Extraction
Through rule sets tied with the classification, data of interest can be extracted from the specified document types.
This technology eliminates the need of manual data entry, manually naming a document or creating new folders
Routing of documents to multiple destinations like LOS or repositories can be automated via these algorithms.
This automated process of data extraction and data entry eliminates the likelihood of error which is common in the manual process.
Data Validation
Intelligent Capture rules can validate the data embedded in the loan documents as well as notify missing data.
Besides eliminating errant data, these AI algorithms can ensure format accuracy and high quality of data.
Machine Learning interfaces can used to train the system further for handling unexpected and undefined errors.
Data Security
Using training data sets, AI combined with ML algorithms can perform pattern recognition that helps identify malicious behaviors and anomalies within the system.
Intelligent multi factor authentication systems can securely keep borrower’s documents from data threats and cyber-attacks.
AI can automate the cyber security and data theft detection in a more efficient and swift manner.
Implementation AI and ML in Document Management can reduce
Human intervention
Time required to process
Cost
Moreover the exported or output data from ML interfaces will be cleaner, validated and qualified data.
Looking for more information on implementing AI/ML algorithms for Document Management for your organization, leave us a message.
