Mortgage Document Processing in the Digital Age
Mortgage Automation for the Digital Age
Traditionally, banks and financial institutions in the business of processing mortgage loan packets have had to manually handle loads of paperwork from multiple sources. This manual effort is slow, costly, and labor-intensive. Further, manual data entry typically results in complications due to human error. In the digital age, solutions exist to make manual mortgage document processing a thing of the past.
Trapeze for Mortgage Processing is an automated software solution designed to make processing mortgage loans more efficient for banks and other financial institutions. Automation builds new efficiencies into the mortgage processing workflow, including:
- Accelerated mortgage document processing speeds
- Reduced labor costs associated with manual data entry
- Minimized human error
- Machine learning for improved accuracy and performance over time
How Does Automated Mortgage Processing Work?
Trapeze for Mortgage Processing delivers high-speed, high-accuracy document classification and data extraction results. There are two main components of the solution:
- Automated Mortgage Document Classification: Trapeze automatically classifies various mortgage loan packet documents such as tax information, salary records, applicant identification forms, etc. The software is pre-configured to recognize, classify and split over 395 mortgage-based documents for stronger results from day one. In addition, Trapeze is able to ingest and process various file types, including Microsoft Office (including Word and Excel), email with attachments, .zip files and more. Document type classification accuracy is 99.5%.
- Automated Data Extraction: Trapeze for Mortgage Processing automatically extracts the critical data necessary to evaluate loan packets. It is pre-scripted on over 590 mortgage-related data fields (including check boxes) to deliver higher accuracy from the start. Through machine learning, auto-validation rates increase over time, translating to a reduced time to value for organizations utilizing the solution. Data field extraction accuracy on auto-validated documents sits at 99.5%.
Through Trapeze for Mortgage Processing, a leading financial institution was able to reduce processing time from over 2 hours per packet to under 5 minutes each. That’s a 96% increase in efficiency. Automation enables businesses to spend less time keying information and more time evaluating mortgage applications – enabling faster operations and freeing up resources for higher value-added tasks.