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Four IDP Use Cases That Originators Can Take Advantage of Today

by | May 10, 2021

The mortgage process is full of tedious and manual steps that slow down the time to close a loan. However, with the current state of the housing market, originators and borrowers don’t have the luxury of comfortably completing these processes. Rushing through these steps creates an overworked originator and a confused borrower. Using intelligent document processing (IDP)  during the mortgage process can reduce the workload of the originator, which frees up their time to properly inform the borrower and build a connection that will outlive the current market. 

Before jumping into these use cases, let’s quickly define IDP:

IDP captures designated data intelligently and streamlines the workflow of processing document-related activities by using data science tools such as machine learning (ML), Optical Character Recognition (OCR), computer vision, and Natural Language Processing (NLP).

Now, to dive into 4 seemingly small tasks that IDP can eliminate from originators’ to-do lists.

1. Importing information to systems. 

Originators take in and handle massive amounts of information daily. IDP makes it possible to quickly import all of that information to third-party apps, client databases, and helpdesks. Once that information is imported into those systems, originators can take actionable steps in the process and simplify steps via automation. 

For example, Capacity’s IDP can take information from a document and automatically create helpdesk tickets, which an underwriter or originator will review and approve after the workflow runs. Human-in-the-loop validation takes the manual process out of the task and enables the originator to focus on the human-centric tasks. 

2. Sharing confidential information with necessary parties.

The mortgage process requires a lot of trust and confidentiality between the borrower, originator, and lender. Sending documents back and forth can get complicated, and it is an error-prone process. IDP simplifies and secures this process via authentication. 

Once an originator imports loan documents into Capacity’s IDP platform, that information can seamlessly and safely be shared via chat. Capacity’s chatbot can be authenticated to share this information with necessary parties based on the client’s discretion. 

3. Redacting information from documents.

Similar to sharing confidential information, it’s just as important to make sure information is kept private when necessary. Rather than physically reading through documents and redacting details, IDP can save originators and underwriters time by doing it on their behalf. 

Teaching the IDP tool what fields should be redacted can lead to automatically scanning a document in seconds and preparing the document for sending by concealing important and confidential information. Once the originator reviews the document, they don’t even have to send it off, they just have to add it as a step to a workflow. 

4. Adding information to a workflow. 

Automated workflows are extremely beneficial when it comes to freeing up time and workloads. By supporting IDP with workflows, the act of filing paperwork and loans is extremely streamlined, which means the loan process is also simplified. 

Capacity is built to pull specific fields from a document using OCR, a rules engine, and NLP for validation after extraction. Based on the fields within a document, a workflow can predict what type of file it is and extract data from it. Once the data is extracted, a next step could include creating tickets for a human to review and validate if exceptions are uncovered. 

Whether you decide to use IDP to support the loan process or not, it’s clear that technology can play a big role in improving the experience for borrowers and originators. Lenders need to consider digitizing and automating steps in the process to avoid churn