A decade ago the volume-heavy, error-prone and sluggish business processes of mortgage companies that take up considerable human labor were still struggling to find a direction with the technological transformation. Automation has finally kicked in for the Industry. Not only have the mortgage companies become more efficient, but the decision-making logic has also evolved with the application of robotics and AI. The focus is now fixated on automating tasks, minimizing errors & improving customer experience.
With the introduction of AI technologies like machine learning, mortgage professionals have been meeting their targets while achieving better customer satisfaction. Most of the work which was reliant on manpower is now being done by computers. As a result, professionals can shift their attention to more strategic aspects of the job like managing problems and processing exceptions. Infrrd’s AI-led automation is enabling mortgage companies to replicate human reasoning via machine learning, predictive modeling, and NLP.
A few of the processes that Infrrd has been automating for mortgage companies are:
- Application Processing
- Contract processing
- Invoice/Receipt processing
- Claims Processing
- Loan Origination, Servicing & Recovery
- Underwriting
- Credit reports
Infrrd's intelligent docuent capture based on AI & machine learning classifies, separates, extracts & validates documents regardless of the source or format. Here’s how Infrrd is transforming the mortgage industry:
1. Easy Document Scanning and Capture
Assessing large creditworthy documents is often a tedious task. With our intelligent data capture solution, mortgage-related documents can be scanned into digitized format reducing paper consumption as well as overall processing time. Be it applications, credit reports, employment verification forms or legal files, all of them can be quickly scanned via Infrrd’s web or mobile applications.
2. Accurate Document Classification & Extraction
The paper-intensive consumer lending mortgage processes get laden with many variants of documents. Going through all of them for individual clients is labor-intensive and will take a lot of hours. Our deep learning-based IDC platform classifies, identifies, separates, and organizes these lengthy documents in one go. Our machine learning system is trained against millions of enterprise documents giving a high accuracy to the extracted results. It’s not a template reliant solution, which makes it different from the ones available in the market today. Machine learning allows the software to continuously learn from any manual validation to improve system accuracy as well as reduce time spent on manual correction over time.
3. Leverage with Data-Driven Insights
Data extraction isn’t the end of our solution. We go a step ahead to do much more than that. Our NLP and Predictive analytics algorithms understand relationships between entities, learn from the historical data, and offer valuable insights in the form of financial reports or customer engagement that aid business decisions. We can predict trends and help address issues that are likely to affect the business. With this kind of insight, mortgage professionals will be able to offer their customers better service and customized products.
4. Compliance with Regulations
Even with the right customer information, the complex task of determining creditworthiness might pose a grave challenge. Our AI-reliant platform helps scan various data sources to offer companies the entire digital footprint of their potential borrowers, hence allowing adherence to regulations.
At the end of the day, our technology will make tasks streamlined and help businesses expand their horizons. Adopting and adapting to it will definitely give your company an edge in this cut-throat industry where mortgage lenders are fighting commoditization. We are helping mortgage companies differentiate with our AI and ML solutions and create a seamless customer experience. Chat with us at www.infrrd.ai to schedule a meeting to discuss further.
FAQs
A pre-fund QC checklist is helpful because it ensures that a mortgage loan meets all regulatory and internal requirements before funding. Catching errors, inconsistencies, or compliance issues early reduces the risk of loan defects, fraud, and potential legal problems. This proactive approach enhances loan quality, minimizes costly delays, and improves investor confidence.
A pre-fund QC checklist is a set of guidelines and criteria used to review and verify the accuracy, compliance, and completeness of a mortgage loan before funds are disbursed. It ensures that the loan meets regulatory requirements and internal standards, reducing the risk of errors and fraud.
Using AI for pre-fund QC audits offers the advantage of quickly verifying that loans meet all regulatory and internal guidelines without any errors. AI enhances accuracy, reduces the risk of errors or fraud, reduces the audit time by half, and streamlines the review process, ensuring compliance before disbursing funds.
Choose software that offers advanced automation technology for efficient audits, strong compliance features, customizable audit trails, and real-time reporting. Ensure it integrates well with your existing systems and offers scalability, reliable customer support, and positive user reviews.
Audit Quality Control (QC) is crucial for mortgage companies to ensure regulatory compliance, reduce risks, and maintain investor confidence. It helps identify and correct errors, fraud, or discrepancies, preventing legal issues and defaults. QC also boosts operational efficiency by uncovering inefficiencies and enhancing overall loan quality.
Mortgage review/audit QC software is a collective term for tools designed to automate and streamline the process of evaluating loans. It helps financial institutions assess the quality, compliance, and risk of loans by analyzing loan data, documents, and borrower information. This software ensures that loans meet regulatory standards, reduces the risk of errors, and speeds up the review process, making it more efficient and accurate.
