Executive Summary
Business Challenge
There are significant challenges to mortgage lending: processing large volumes of unstructured and structured documents, ensuring regulatory compliance, and shortening the loan application cycle time. The old methods of processing documents involved high chances of human error, delay, and inefficiency in customer experience, hence increasing the operational cost. The first problem was building an automated underwriting system that should be able to:
Our Solution
The team of 4Labs developed and built an AI-powered document processing platform that greatly improved the mortgage underwriting process. Advanced NLP and machine learning algorithms were used to automate document management and data extraction.
Solution Objectives
Objective 1
Develop a web application that covers the entire lifecycle of loan document processing.
Objective 2
The platform should support multiple client workflows and user roles without friction.
Objective 3
Reduce human intervention in the document processing pipeline to minimize errors and speed up the process.
Methodology
Agile methodology was adapted to ensure the continuous improvement of the project. The key phases were:
Phase of Discovery
Identify the key points of pain that exist in the current underwriting process.
Development Phase
Building an AI-powered platform with scalable architecture.
Testing Phase
The testing phase involves full-scale manual and API testing to verify the functionality across various client environments.
Deployment and Feedback Phase
Deploy the solution in live environments and iterate over feedback.
Results
The AI-driven document processing solution saw significant improvements in the underwriting process:
Increase Efficiency:
More than 40% reduction in document processing time.
Accuracy Enhanced:
Reduced the possibilities of human error in data extraction and validation.
Compliance Management:
Ensured that the documents were aligned to SOC 2 standards for security and privacy.
Customer Satisfaction:
Increased borrower experience by speeding up the loan approvals with less paperwork.