Manual mortgage document processing is a resource-consuming activity. Understand how automated IDP solutions help you improve productivity and scale your business revenue.
It is 2022, and mortgage businesses still need to deal with tons of documents related to identity and income proofs. Add to this loan application forms. The result is a bunch of documents in different styles and formats.
This variety hinders traditional OCR (optical character recognition) tools for extracting data comprehensively. Such systems lack advanced processing capabilities to simplify the tasks of mortgage professionals.
This is where the IDP (intelligent document processing) comes into the picture. In this article, we look at why mortgage document automation is the need of the hour for a mortgage business like yours.
Your business can face a range of challenges due to a lack of mortgage document automation tools. Let’s look at them in detail.
Manual document processing is time-consuming and expensive. It requires your staff to manually complete tasks such as indexing, scanning, and filing documents. These processes are costly and require a lot of human labor.
In addition, there always remains scope for errors due to manual work. If there are repeated errors, your teams will have to do a lot of rework. Your employees will end up doing such unproductive tasks, which can prove expensive for your business in the long run.
Traditional document processing is cumbersome because there are several document types. For example, you may get a customer’s bank statement, credit card statement, and utility bill. These three documents are different and require advanced tools to process them comprehensively.
Another possibility is the documents may have got created using different programs. For example, a bank statement might have been created using Microsoft Word, while a credit card statement with Adobe Photoshop. Traditional tools may not be able to process them effectively.
Your business may be receiving thousands of mortgage applications, but you need stringent measures to ensure their genuineness. The rule-based criteria for document validation can often delay things.
Besides analyzing their documents for accuracy, you may also have to perform credit risk analysis. If the documents have different formats and layouts, the time required for evaluation will only increase further.
IDP tools offer a range of benefits to help your mortgage business process documents faster. Here’s a quick overview.
The quality of documents you receive may not always be good, which could prevent traditional tools like OCR from scanning it comprehensively. IDP solutions are a step ahead as they aid contextual identification of texts and words. Rule-based processing also ensures you can define the type of information you want to extract.
As document types can vary, classifying them is vital for quick execution. IDP tools can auto classify documents to prepare them for further processing.
QR codes are increasingly becoming popular as they store vital information intended users can scan and collect even on the go. Besides barcodes, IDP tools also scan QR codes.
You may, at times, not want to extract everything from a document. IDP tools help you select and extract only the relevant data you need.
You can define various rules to validate the data you extract from documents. It acts as an automated review measure, which you can further complement with manual assessments.
Besides classifying documents and extracting information, IDP tools also allow you to organize them in one place. It will help you with further analysis.
Here are the several reasons why your business can benefit from mortgage document automation technology.
IDP technology improves the accuracy of document processing through a combination of ML algorithms, data gathering and analysis, and human intelligence. The ML algorithms detect patterns in the data, including trends and patterns that might not be immediately apparent to humans. The algorithms then use this information to make predictions about future outcomes.
Customer experience is vital as almost 86% would leave a brand if there one or two bad experiences. IDP technology helps you improve customer experience by providing quick and efficient access to information. Customers will not have to wait for a long time to get the desired information. The accuracy of data also means improved customer satisfaction.
You may have hundreds and thousands of documents for processing. The volume may increase further as and when your business grows. IDP is a scalable solution that will improve your in-house productivity and allow you to generate more business.
Document processing and handling require you to comply with the relevant local and national laws. IDP solutions come with compliance measures that reduce operational risks and give you peace of mind.
Document automation has come a long way from being an occasional affair or as a response to a change in policy or regulation. It has become a vital component of almost every mortgage business, helping increase efficiency and lower operating costs.
If you are looking for a reliable IDP solution, AmyGB can help. We have our proprietary automated document processing tool, VisionERA. Mortgage businesses that use VisionERA experience a three-fold increase in productivity and 20 times faster document processing.
VisionERA is driven by AI-powered insights that enable strategic and proactive decision-making capabilities for your business. As the underlying technology is completely proprietary, there is no need for any third-party dependency to run VisionERA. The continuous feedback learning mechanism ensures that the tool keeps evolving based on your business inputs.
If you are looking for a custom-built, plug-and-play document processing tool, look no further than VisionERA. There’s a lot more you would want to know about the platform. Get in touch with us today, and schedule a demo by clicking on the CTA below.