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Whitepaper: Machine Learning found to dramatically streamline mortgage processes
New LoanLogics whitepaper describes the role of Capture 2.0 technologies to improve data accuracy and reduce costs while alleviating borrower frustration
TREVOSE, PA (October 24, 2019) — LoanLogics, a recognized leader in loan quality technology for mortgage manufacturing and loan acquisition, just released the whitepaper, “‘Big’ AI Driven by Today’s Machine Learning,” which provides a deeper understanding of how artificial intelligence (AI), and machine learning specifically, can help mortgage lenders reduce and even eliminate redundant, repetitive tasks while creating data purity and improving the borrower experience.
According to the whitepaper, the best uses of AI and machine learning technologies within the mortgage industry reside in data and document processing. The authors explain how Capture 2.0 technologies, also known as “automatic identification and data capture” and “intelligent capture,” are able to leverage machine learning tools to determine the accuracy, quality and completeness of loan data as it is being collected from the borrower.
Ultimately, Capture 2.0 technologies can reduce the costs of not only manually retyping data, but also eliminate the need to ask borrowers to resubmit information, which is a common frustration among borrowers. However, Capture 2.0 technologies require a robust set of document examples that make enough “training data” available to maximize the benefits of machine learning. When sufficient data is available, machine learning tools can classify loan documents and extract and validate loan data with much greater speed and accuracy than traditional optical character recognition (OCR) technologies used in the industry today.
“While OCR is effective, the many different types of documents and the locations of data on those documents can create challenges for data extraction,” said Craig Riddell, EVP, Chief Business Officer at LoanLogics. “By combining OCR with automated document recognition (ADR) and automated data extraction (ADE) tools, Capture 2.0 technology takes data capture and classification to a new level. Not only can lenders process mortgages at lower per-loan costs, but they alleviate the number one borrower frustration of constantly resubmitting forms and documents throughout the process. It’s a win-win situation.”
The whitepaper explains how machine learning is a starting point for lenders to be able to realize immediate savings while maximizing the potential of more advanced AI applications. It also explores where AI and machine learning will take the mortgage industry, and what lenders must do to take advantage of these innovations for themselves.
For more information or to download the LoanLogics whitepaper, “‘Big’ AI Driven by Today’s Machine Learning,” click here or contact LoanLogics at 866-557-6959.
Contacts
Mike Murray
Strategic Vantage Marketing & Public Relations
240.498.0863 | MikeMurray@StrategicVantage.