In the mortgage loan origination industry, efficient processing of loan applications is crucial for operational success. However, manually reviewing and extracting information from extensive PDF documents can be time-consuming and prone to errors. In this blog post, we will showcase a successful case study where advanced technologies, including AWS Textract, Google Vision AI, Google AutoML NLP, and openCV, were leveraged to automate the loan application processing for a mortgage loan origination company. This implementation resulted in significant operational efficiency gains, reducing processing time and improving accuracy.
Our client, a mortgage loan origination company, faced the challenge of manually processing thousands of loan applications. Each loan application, in the form of a PDF file, contained multiple structured and unstructured documents spanning hundreds of pages. The existing process involved manual review and data entry into an application screen, leading to inefficiencies and the potential for errors. The client sought a solution to automate this labor-intensive process and improve operational efficiency.
To address the client’s challenges and deliver a robust solution, a combination of advanced technologies was employed:
- AWS Textract:
- Leveraged AWS Textract to extract text from the loan application documents, particularly forms and tables.
- Utilized the power of optical character recognition (OCR) to accurately capture information from structured sections of the documents.
- Google Vision AI:
- Employed Google Vision AI to extract text from all the pages in the loan application documents.
- Leveraged OCR capabilities to retrieve textual information from scanned pages, ensuring comprehensive data extraction.
- Google AutoML NLP:
- Developed a custom machine learning model using Google AutoML NLP to classify the pages into individual documents.
- Utilized the model’s output to identify and process pages containing forms, tables, and unstructured text separately.
- Leveraged openCV, an open-source computer vision library, to assist with image preprocessing tasks.
- Employed image processing techniques to enhance the quality and readability of scanned documents.
The implemented solution streamlined the mortgage loan origination process and enhanced operational efficiency. Here’s an overview of the solution:
- Text Extraction and Document Classification:
- Utilized Google Vision AI to extract text from all pages of the loan application documents.
- Employed a custom machine learning model developed with Google AutoML NLP to classify pages into individual documents based on their content.
- Processing Forms and Tables:
- Leveraged AWS Textract to extract information from pages containing forms and tables within the loan application documents.
- Utilized the power of AWS Textract’s OCR capabilities to accurately capture structured data.
- Rules Engine for Unstructured Text:
- Developed a rules engine to extract required information from unstructured text, such as judgments and other relevant details.
- Employed natural language processing techniques to identify and extract key information from unstructured sections.
The implementation of this AI-powered solution delivered remarkable outcomes:
- Increased Operational Efficiency:
- Drastically reduced the time taken to process loan applications by automating the data extraction process.
- Eliminated manual data entry, resulting in enhanced productivity and operational efficiency.
- Improved Accuracy:
- Minimized the potential for errors associated with manual data entry, improving overall data accuracy.
- Leveraged the precision of AWS Textract, Google Vision AI, and custom ML models to extract and classify data with high accuracy.
- Enhanced Customer Experience:
- Accelerated loan application processing, resulting in faster turnaround times and improved customer satisfaction.
- Streamlined internal operations, enabling the allocation of resources to more value-added tasks.
The successful implementation of AI and advanced technologies, including AWS Textract, Google Vision AI, Google AutoML NLP, and openCV, transformed the mortgage loan origination process. By automating the extraction of information from loan application documents, our client achieved significant operational efficiency gains, reducing processing time and improving accuracy. Embrace the power of AI-driven automation to revolutionize your industry and drive success.
Ready to streamline your loan origination process with AI-powered automation? Contact us today to explore how our expertise in leveraging advanced technologies can transform your operations and drive operational efficiency.