The importance of automated document processing in credit
Plus, mortgage brokers and loan officers have to sue clients for repetitive and time-consuming tasks. For example, brokers can spend a lot of time:
- Filing of applications
- Gather documents
- Follow-up and communication with clients (often by unsecured email)
- Review submitted documents for fraud and accuracy.
All of these challenges lengthen the loan origination process, increase the opportunity cost, and reduce the number of quality loans obtained.
Mortgages: Now Streamlined, Secure and Simplified
Mortgage brokers need reliable software tools to improve the efficiency of the document processing process beyond what is possible with conventional software. Artificial intelligence (AI) systems can help brokers intelligently categorize and analyze data elements extracted from documents to provide a more accurate dashboard of a borrower’s loan application.
Information generated by automated document processing (ADP) software can be used by brokers to speed up the verification and validation of loan documents before they are submitted to lenders. Another major advantage of ADP is that it identifies information inconsistencies that would raise issues of underwriting fraud. These advantages considerably shorten the loan origination cycle.
Imagine a smarter mortgage process
The power of machine learning technology is no longer exclusive to businesses. This technology is now available in the cloud, including solutions designed for the mortgage industry in Canada. Kapti, Blanc Labs’ latest solution, helps brokers and lenders automate their document processing.