SoftWorks AI’s Trapeze for Mortgage Automation can extract and auto-validate critical loan packet data

Automation and machine learning have been big drivers in advancing operations in the mortgage industry. As lenders continue to transition more of their business from manual to digital, they’re looking for a solution that significantly minimizes human touch and reduces loan processing costs while continuing to deliver accurate results in the shortest time possible.

With Trapeze for Mortgage Automation, SoftWorks AI has combined artificial intelligence and computer vision to effectively streamline the loan approval process. This data extraction and classification process takes humans out of the loop and achieves high rates of business process optimization.

Most document automation solutions are unable to reliably indicate when data is provably correct. This means operators must spend time manually reviewing data, therefore negating any efficiency gains promised by the technology. 

Trapeze is drastically different from solutions that rely solely on off-the-shelf optical character recognition (OCR) and data extraction technology. Instead, Trapeze uses a suite of advanced computer perception methods to ensure the highest data accuracy rates possible.

Trapeze extracts and auto-validates critical data from loan packets so that users can approve or deny loan applications with as little time and effort as possible, improving turnaround time and helping financial institutions acquire more profitable loans in an efficient manner. Clients have reported loan packet processing time being cut by as much as 96% as a result of automated classification and data extraction of loan documents.

The Trapeze solution can ingest a variety of file types and classify distinct documents into appropriate categories to create an organized, automated environment. In addition, Trapeze comes with machine learning capabilities, allowing the software to learn from user behavior and improve touchless automation over time.

As COVID-19 led to many businesses pivot to working from home, SoftWorks AI saw an immediate need to accelerate its development in touchless automation and straight-through processing.

Its most recent improvements drastically reduce the need for human correction, bringing the company closer to its goal of 100% straight-through processing.

The latest version of Trapeze for Mortgage Automation incorporates advanced data validation technology to drastically reduce the need for human review. By generating reliable data, lenders can move valuable resources away from “stare-and-compare” activities and focus them on higher-value tasks. In addition, by eliminating much of the need for humans to “double-check” the data, clients are able to process more information without increasing their labor costs or time. 

Lenders who use Trapeze can provide borrowers near real-time feedback and confirmation at document submission. In addition, processing times for underwriting, loan onboarding and compliance are also significantly reduced. 

SoftWorks AI’s Trapeze is the gold standard for mortgage document automation. Companies that choose Trapeze realize dramatic improvements in data accuracy and operational efficiency. With SoftWorks AI, mortgage firms can achieve the highest levels of real-time, straight-through processing. 

PRODUCT: Trapeze for Mortgage Automation

SNAPSHOT: Trapeze for Mortgage Automation leverages 20 years of Advanced Computer Vision and AI research to transform documents into intelligent actionable data. Trapeze allows firms to fully automate many of their mortgage document processes.

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