Faster AI-Powered Mortgage Origination Process for Major Bank

challenge

Painful Mortgage Application Process

A large bank’s mortgage origination department struggled with a time-consuming, labor-intensive application process. Reviewing and analyzing submitted documents took too long, leading to longer processing times and limiting how many applications Document Specialists could handle. The bank sought to automate the process to improve efficiency for both employees and customers.

solution

Automated Document Ingestion and Validation

Our team knew that AI would be the key to creating a solution that could ingest and comprehend various types of submitted documents, particularly bank statements. This solution would automatically extract relevant financial data from these documents, perform data quality validations and draft proposed communication to customers based on the analysis.

results

Faster and More Accurate Mortgage Origination Process

Our exploration of Generative AI for mortgage origination shows great potential for streamlining the process. By using AI to ingest bank statements, capture key data and validate it, we identified ways to significantly reduce processing times and increase caseload capacity. Automating data review and providing real-time feedback to the customer can speed up the process while improving accuracy and consistency. The project team also compared various Large Language Models (LLMs) to find the best solution for the bank in terms of accuracy, speed and cost.

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Faster AI-Powered Mortgage Origination Process for Major Bank

Painful Mortgage Application Process

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