Processing mortgage loan packets in a traditional sense where manual data entry typically resulted in a slow, costly, error-prone and labor-intensive task is a thing of the past. In the digital age, automated software solutions like Trapeze for Mortgage Processing is 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
Trapeze for Mortgage Processing delivers high-speed, high-accuracy of 99.5% in both document classification and data extraction results. There are two main components of the solution:
- Automated Mortgage Document Classification: Automatically classifies various mortgage loan packet documents such as tax information, salary records, applicant identification forms, etc.
- Automated Data Extraction: Automatically extracts the critical data necessary to evaluate loan packets.
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.