Timely operation meets emerging needs to reduce loan application processing time; Designed to create a low-cost or zero-touch mortgage loan application processing pipeline
San Jose, California, December 13, 2021–(BUSINESS WIRE)–Infrrd, the leading provider of Intelligent Document Processing (IDP) solutions, today announced the launch of its latest solution, Infrrd for Mortgage.
Infrrd for Mortgage automates the lending process to mortgage originators and mortgage service entities using Infrrd’s patented AI-based IDP technology to extract and manage key information from mortgage borrower documents in the most accurate manner. IDP is a next generation solution for extracting data from complex and unstructured documents. Unlike the technologies that preceded it, IDP can handle the complexities and variations of documents with the help of various artificial intelligence and machine learning techniques.
The new Infrrd for Mortgage platform makes it possible to extract and categorize information from a range of mortgage application documents and transform it into actionable data. Infrrd for Mortgage has the ability to decode various types of documents and identify many variations of the fields and images within them.
Available immediately, Infrrd for Mortgage speeds up the entire lending process, smoothly and cost-effectively. By using Infrrd’s IDP automation, closing cost rates are drastically reduced. In addition, Infrrd for Mortgage improves loan closing time, which positively affects closing costs. Because Infrrd for Mortgage is so accurate, it can not only extract data, but can also report information that would, in rare cases, require human attention (“human in the loop”). This results in a better use of human capital resources and makes processes for users more scalable and efficient by allowing employees to become more empowered and available to apply their skills to higher-level tasks.
Mortgage loan applications are one of the most document-laden processes today, yet complicated by security and compliance requirements. According to a McKinsey & Company report, A Successful Future: Automation, Employment, and ProductivityIt takes an average of 37 days for a mortgage application to be approved in the US, of which 14 to 21 days are spent on application processing mechanisms. With an IDP, this will likely drop to as little as six days. The report also states that “The value of the potential benefits of automation, calculated as a percentage of operating costs, is more than 90 percent for creating a mortgage.” Because Infrrd’s IDP is built with human-correcting capabilities in the loop, accuracy improves every time, bringing lenders closer to low or no-touch mortgage approvals. This reduction in turnaround time could improve the loan dropout rate by 30 percent or more, as people applying for mortgages today withdraw their applications due to the lengthy process.
“The launch of Infrrd for Mortgage has been revealed at a very critical time as it has become abundantly clear that the mortgage industry is starving for automation. Our solution takes lenders a step closer to paving the way to low- or no-touch mortgage operations by leveraging technology and expertise With our patented IDP, lenders can expand their businesses and allow their employees to devote their time and skills to higher value tasks, explained Amit Jangal, Infrrd’s founder and CEO.
“With this new release and our patented artificial intelligence, we expect Infrrd customers to realize continually improved accuracy in extracting and categorizing their data over time. For example, we expect mortgage customers to see a 45 percent reduction in processing time for loan applications using Infrrd for Mortgage, which will make a noticeable difference in improving business processes, enhancing efficiencies and controlling costs.”
Infrrd customers can feel confident in the company’s IDP technology as every solution offered is backed by industry standard certifications, such as ISO-27001, and is GDPR compliant.
Infrrd for Mortgage is available for immediate use by contacting firstname.lastname@example.org.
Headquartered in San Jose, California, Infrrd is a leading provider of proprietary and patented Intelligent Document Processing (IDP) solutions, which leverage artificial intelligence (AI) and machine learning to enable organizations to extract and manage data from semi-structured and unstructured documents in large volumes. big. Infrrd offers pre-made and highly configurable solutions for managing complex documents, such as invoices, claims and bank statements, among others, while also allowing organizations to create and train new models. Companies around the world are using Infrrd solutions to boost employee productivity, improve operations, accelerate business scalability, reap cost efficiencies, and deliver exceptional customer experiences.
For more information, visit www.infrrd.ai or connect with the company on LinkedIn, Facebook and Twitter.
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