Not taking it lightly, in determining lending decisions, the mortgage industry must ensure the applicant’s creditworthiness in paying off the debt by verifying their financial status based on multiple financial proofs. Unfortunately, due to large numbers of applicants, resulting in plenty of documents to check, manual underwriting processes are likely to be time-consuming and error-prone. Not to mention going forth and back between document entries to head approval, which often delays application processing as well. And that’s where the rise of AI in mortgage industry providing significant assistance.
While the complexity of property loan judgment still needs human involvement, the burden of monotonous document handling can be entirely automated by integrating AI into the system. According to a Forbes report, 56% of mortgage executives agree that AI brings revolutionary impacts. Following that, they view AI as a solution to deal with various targets. Thus, AI-powered tools would perfectly match to achieve lending operations efficiency. Learn more about how AI can influence mortgage activities.
The Rise of AI
Now and still continuing, AI has become a thing. With all its intricate capabilities, the rise of AI carries a significant role in various industries, such as accounting, insurance, mortgage lending, and more. Reshaping how the entire operation works. Furthermore, here are why AI technology is an answer to traditional industry practice challenges.
Automation
Maximize efficiency by optimizing routine chores into an automated flow so that the workforce can shift their focus on strategic tasks that require more critical and complex logical thinking.
Lower cost
As you leverage AI for an automated process, reduce manual labor and get more things done at lower overhead cost than before.
Higher accuracy
Overloading documents lead to oversight mistakes, that’s many happen during manual work. But AI is now here to automate your process, eliminating human biased and human error.
How To Implement AI in Home Loan Processing
AI has shown accelerated growth in recent years. As previously stated, AI can boost not only operational efficiency but also accelerate your profit growth. The OCR tool, short for Optical Character Recognition, is powered by AI algorithms to convert printed text, scanned documents, or even images. OCR has been adopted to help facilitate data recording in an easier way for numerous business sectors. With trained machine learning technology, enabling you to translate physical loan application documents into editable data in seconds, allowing a more simply manageable to analyze further.
Not limited to that, there are more mortgage areas where AI development can be implemented. It is time to elevate efficiency while preserving high accuracy; here’s how AI impact mortgage operations, including the future prospect you can achieve.
Easy data entry
No more manually inputting data one by one, improve underwriting speed by up to 25x by automating the process of 10,000+ financial documents in a day which only needs a few clicks away. Faster and more effective.
Anti-fraud
Take control to define standards, enabling automated spot anomaly signals and detect financially risky issues from mortgage loan applicants. This cutting-edge recognition program will be a safeguard against potential risk.
Streamlined approval flow
By implementing role-based authorization, manage varying access levels that can perform specific tasks, from document administrative control to assessment approval control, all in one place.
Lending analysis dashboard
Explore a comprehensive summary of all loan applications submitted. Clear and detailed understanding helps you assess potential borrowers effectively.
Improved customer experience
Eliminating delays commonly caused by manual errors and providing faster home loan processing will enhance customer satisfaction.
Best Choice: Fintelite Business Solutions
Ready to embrace the power of AI? Fintelite OCR+ and financial document analyzer are now available as your best partner in elevating your business.
OCR+ by Fintelite is able to extract key points from financial documents effortlessly. Experience the most seamless process since you can integrate the parsed data directly into any spreadsheet system (e.g., Google Sheets, Ms. Excel). Adjust the classification process to be aligned with your specific criteria with our relabelling and retraining menu.
Minimize the loan underwriting process by 25x and dive deeper into applicants’ financial health using our statement analyzer tool. Explore the insights visualized through graphs in our lending dashboard, providing essential facts for advisors to make decisions.
The revolutionary automated mortgage business awaits you. Start your 30-day Fintelite OCR+ Free Trial, and experience 10x faster data entry in hand. Also, feel free to book our product demo here to learn more about how our financial data enrichment API is in action.