Revolutionizing Mortgage Automation: AI Foundry's Document Model

Table of Contents

1. Introduction
2. About AI Foundry
3. The Mortgage Industry and its Challenges
4. Introducing the Document Model for Mortgages
5. The Benefits of the Document Model
6. How the Document Model Works
7. An Agile Mortgages Use Case
8. The Power of Rules Agents
9. Comparison to Other Solutions
10. Successes and Future Growth

Introduction

In this article, we will explore the groundbreaking work being done by AI Foundry in the field of intelligent process automation. We will specifically focus on their innovative document model for mortgages, which has the potential to revolutionize the mortgage industry. We will discuss the challenges faced by lenders in the manual classification and extraction of data from mortgage documents, and how AI Foundry's solution aims to automate and improve this process. We will also delve into the benefits of the document model, its functioning, and provide a real-life use case to illustrate its effectiveness. Join us as we uncover the future of mortgage automation with AI Foundry.

1. About AI Foundry

AI Foundry is a leading company in the field of intelligent process automation. By integrating deep learning machine vision with intelligent robots, AI Foundry has developed a powerful platform that automates operations in various industries. Their focus on the mortgage industry has led to the creation of the first document model specifically designed for mortgages.

2. The Mortgage Industry and its Challenges

The mortgage industry heavily relies on manual labor for the classification and extraction of data from various types of mortgage documents. This labor-intensive process involves sorting through hundreds of different document types, extracting thousands of fields of data, and verifying quality and compliance for each document. Not only is this process time-consuming and costly, but it is also prone to errors and inconsistencies.

3. Introducing the Document Model for Mortgages

AI Foundry has developed the industry's first document model for mortgages. This model enables lenders to upload their mortgage documents to AI Foundry's cloud application and receive fully indexed and classified documents with extracted data within seconds. With an accuracy rate of approximately 95%, the document model approaches human accuracy for the complex task of mortgage document processing.

4. The Benefits of the Document Model

• Improved Efficiency: The document model automates the labor-intensive process of document classification and Data Extraction, significantly reducing the time and effort required.
• Cost Savings: By eliminating the need for manual labor, lenders can experience significant cost savings in their document processing operations.
• Increased Accuracy: With an accuracy rate approaching human levels, the document model ensures reliable and consistent data extraction from mortgage documents.
• Enhanced Compliance: The document model performs hundreds of business rules to verify quality and compliance, reducing the risk of errors and non-compliance.
• Scalability: The document model can process over 300 different document types and extract more than 2,000 fields of data, making it adaptable to any mortgage processing Scenario.

5. How the Document Model Works

The document model utilizes cutting-edge visual techniques to identify and classify documents. Similar to how Google Photos identifies objects in photographs, the document model employs these concepts to dynamically identify and classify mortgage documents. It then dynamically extracts all Relevant data fields from variable documents. This approach ensures accurate and efficient processing of mortgage documents.

6. An Agile Mortgages Use Case

Let's take a closer look at how the document model works in a real-life scenario. In the Agile Mortgages solution, borrowers upload their documents through a portal. AI Foundry's document model then processes and classifies the documents, separating them into individual files if needed. The relevant data fields are extracted, including crucial information such as appraisal amounts. Additionally, rules agents are utilized to perform specific checks and actions based on the extracted data. For example, if the appraisal value is flagged as too low, an automated email is sent to the real estate agent, ensuring potential issues are addressed in a Timely manner.

7. The Power of Rules Agents

Rules agents are a vital component of the document model. They consist of collections of rules designed to analyze data and take actions based on the results. In the Agile Mortgages use case, rules agents perform activities such as comparing the extracted appraisal value to the purchase price and checking for physical deficiencies in the appraisal report. These automated checks streamline the mortgage process and reduce the need for manual intervention.

8. Comparison to Other Solutions

AI Foundry's document model differentiates itself from other solutions through its unique methodologies. By utilizing visual techniques and dynamic data extraction, the document model offers a more efficient and accurate approach compared to traditional document processing methods. The ability to process a wide range of document types and extract data from complex mortgage documents sets the document model apart from its competitors.

9. Successes and Future Growth

Since its introduction in February, AI Foundry's document model has gained traction in the market. With ten customers and over 200,000 loans on the service, the annual recurring revenue stands at over three and a half million dollars. The sales pipeline, consisting of opportunities with loan originators, secondary market players, and loan services, exceeds 20 million dollars in recurring revenue. Going forward, the company aims to expand its market presence and Seek a financial buyer to acquire the company and provide additional growth capital.

Highlights

• AI Foundry has developed the industry's first document model for mortgages, automating the labor-intensive process of document classification and data extraction.
• The document model offers improved efficiency, cost savings, increased accuracy, enhanced compliance, and scalability for mortgage lenders.
• Utilizing cutting-edge visual techniques, the document model dynamically identifies and classifies mortgage documents.
• Rules agents perform automated checks and actions based on the extracted data, streamlining the mortgage process.
• The document model sets itself apart from other solutions through its unique methodologies and ability to process complex mortgage documents.
• AI Foundry has achieved significant success in the market, with a growing customer base and a promising sales pipeline for future growth.