Mortgage Loan Processing Time Reduced by 90%

Industry

Business Support Services

Product

CMR

Process Automated

Mortgage Processing

-90%

Turnaround Time

up to 75%

Accuracy

100%

Regulatory Compliance

Client Profile

Headquartered in New Jersey with over 1,200 employees worldwide, this client is a leading provider of business services and technology for the U.S. mortgage industry. It provides services and solutions support at every stage of the mortgage lifecycle with automation and software, outsourcing and project management, compliance and education.

Challenges

The client’s OCR platform struggled with the volume and variability of the mortgage document formats which varies from state to state and required constant intervention. The complexity included capturing multi-page loan documents, credit reports, tax statements, and more. After three years of pursuing an automation programme of its own, the client concluded that traditional OCR players could not handle their unique data challenges.

Solution

This client uses Cognitive Machine Reading (CMR), a combination of AI, cognitive technology, Machine Learning and pattern recognition. CMR accelerates the process of identifying and classifying the documents, extracting more than 900 data points automatically and sending the output file to the client. Built-in workflows will route data to designated systems based on their business rules. CMR automatically flags missing or unreadable information as exceptions and routes tasks to the right people. Each manual intervention improves the accuracy and confidence of CMR’s Machine Learning models and multiple reports are available for further analysis.

Results

CMR delivers a cost-effective mortgage processing solution for our client. This streamlined automation choice generates up to 75% accuracy, ensuring 100% regulatory compliance, even during business peaks. CMR provides 90% reduction in turnaround time for faster revenue conversion and valuable resources are redeployed within other functions – boosting bottom line savings.

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