In baseball, a utility player is someone who has the ability to play multiple positions based on their team’s needs, both on the field and at the plate. Their versatility enables team managers to adapt to different game situations while allowing more established role players to do what they do best.
Utility players are equally valuable in the mortgage game, too—and they don’t even have to be human. In fact, with AI-based document automation, lenders and servicers have an immensely dynamic utility player that takes the heavy lifting off their plate, so their teams can focus on scoring more loans and delivering a great customer experience.
Why Teams Struggle to Score
While technology has significantly impacted mortgage processes, most lenders and servicers still grapple with inefficiencies rooted in handling hundreds of pages of documents in a typical loan file. Reviewing, comparing across different data sources, and finalizing a trusted data set from all of those documents is necessary—but time consuming when done manually.
The repetitive nature of these tasks, coupled with the sheer volume of documents and data being handled, can easily overwhelm staff, especially during periods of high origination volume, bulk servicing transfers, or rising delinquencies. These manual processes also impede productivity and growth, as mortgage organizations become bogged down in document sorting and validation instead of focusing on activities that directly impact revenue.
These challenges can lead to missed opportunities and a struggle to remain competitive. But there is a special player that is always ready to step in and help a lender’s team put more runs on the scoreboard.
How AI Fills the Gaps
Baseball has many players known for their ability to make an immediate impact on their team. And in the mortgage industry, there is no bigger impact player than AI-based document automation, because it can be used in any stage of the loan lifecycle.
When combined with the power and accessibility of cloud technology, AI-driven document technology introduces unparalleled levels of efficiency. By leveraging advanced machine learning, including neural networks and other technologies such as text-based analysis, these tools can nearly eliminate the manual processes that historically slow down mortgage processes.
AI-powered automation can extract relevant data from structured and unstructured documents, including pay stubs, tax forms, bank statements and specialty forms. And it rapidly processes files with a level of accuracy unmatched by humans, enabling lenders and servicers to streamline retail and third party originated loan production or onboard thousands of loan files in just hours. It even helps reduces errors that hinder efficiency and raise compliance concerns, helping lenders and servicers avoid the scrutiny of regulators and improve investor relationships.
The Ultimate Utility Player
If you’re looking to enhance your team with a dynamic, AI-fueled utility player, you can do no better than Paradatec’s AI-Cloud solution.
AI-Cloud unlocks touchless document classification, delivering a level of efficiency that far surpasses manual processing. Its flexibility adds value to a wide array of mortgage processes, including loan originations, MSR onboarding and portfolio cleanups, transforming document handling with unparalleled speed and accuracy.
AI-Cloud identifies over 850 mortgage document types and harnesses machine-learning tools to quickly learn and recognize new ones. It also extracts more than 8,500 data points to fuel your automation initiatives. Optimized for cloud deployments or available as a service through Paradatec’s SOC-2 certified cloud environment, AI-Cloud is highly scalable and requires minimal IT resources to implement and maintain.
To learn more about AI-Cloud, contact us at info@paradatec.com. We’d be happy to set up a demo and put your team in a better position to win.