Mortgage Origination

Comprehend and extract information from nearly all document types involved in the mortgage life cycle–resulting in greater speed, scalability, and profitability.

The SItuation

Mortgage companies must transform how they do business to survive. The two biggest imperatives are to become the lowest-cost producer and to offer the best customer experience. Only a fully digital mortgage origination process can give lenders the scalability and speed required to stay competitive, particularly with the proliferation of fintechs crowding the market and giving customers alternative options for financing.

The Problem

While lenders have made significant investments in digital technologies, those investments have been focused primarily on front-end solutions, which is why they haven’t proven transformative. Legacy automation platforms that claim to process mortgage origination documents on the back-end are typically rigid and only process a handful of data points. Platforms based on yesterday’s technology are thus unable to keep up with the rapidly changing demands of the present mortgage environment.

The Solution

Applica’s progressive proprietary technology can extract any data point–regardless of the document format or complexity at any stage in the origination process. This flexibility allows for organizations to find whatever data is required, far exceeding what is possible with legacy solutions. Additionally, Applica’s solution is future proof, as it adapts seamlessly to net new and revised document types.

The Results

Applica reduces costs vs. manual processing by 75% and comprehends documents in less than five seconds, allowing lenders to close loans 12 days quicker and increase their NPS by 7%. Additionally, mortgage providers can create data lakes with vast amounts of relevant information, which allows for the mining of previously inaccessible data. With this information, detailed risk assessments can be performed and more informed underwriting decisions made, all without sending any PII to offshore workers.

More Use cases

Loss Runs
Applica eliminates the need for data labeling and requires less time, effort, and fewer document samples than other solutions, giving you more control over loss run reports and data lake analysis.
Lab Reports
Applica can automatically process thousands of forms in minutes, regardless of complexity or variability.
Financial Services
Applica can process documents quicker, cheaper, and with more accuracy than human lawyers.

Curious how Applica can support your business?

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