AI Delivering Results Today

The advent of Artificial Intelligence (AI) and Machine Learning (ML) technologies has ushered in a new era of efficiency and accuracy. Our lenders are already taking advantage of these technologic advancements that have been implemented. 

Mortgage Cadence has integrated AI technologies into our Mortgage Cadence Platform (MCP) Document AI for mortgage document handling functionality. This is in direct response to the industry’s continued struggle against paper-intensive processes and time-consuming document management tasks.

This transformation is revolutionizing how financial institutions process, analyze, and manage mortgage-related paperwork.

How Mortgage Cadence Makes Sense of Mortgage Documents

At its core, Document AI leverages advanced imaging technology and Optical Character Recognition (OCR) to extract data from mortgage documents. This technology can continually be enhanced and refined.

The true power of this solution lies in its AI component, specifically in the realm of machine learning. Unlike the more publicized generative AI that can be used to create content, Document AI employs traditional machine learning techniques that have been refined over decades.

The machine learning models used in Document AI are trained on vast amounts of sample data. This training process involves feeding the system numerous examples of mortgage documents and manually showing it the correct information to extract. Through this iterative process, known as "learn by example" or "learn by training," the AI gradually improves its ability to accurately classify documents and extract relevant data.

One of the key strengths of this approach is its use of "online learning" or "human-in-the-loop" methodologies. As the system processes more documents, human experts can intervene to correct any errors or provide additional guidance. This continuous feedback loop allows the AI to learn and adapt over time, becoming increasingly accurate and efficient.

Advantages the Come from a Better Use of Technology

The impact of Document AI on mortgage document management is multi-faceted. Firstly, it dramatically reduces the time required to process mortgage applications. What once took hours of manual data entry and document review can now be accomplished in minutes. This speed not only improves operational efficiency but also enhances the customer experience by reducing wait times for loan approvals.

Secondly, AI-powered document management significantly reduces errors. Human data entry is prone to mistakes, especially when dealing with large volumes of complex financial documents. Machine learning models, once properly trained, can maintain a high level of accuracy consistently, minimizing costly errors and potential compliance issues.

Remember, this is not generative AI, which can make mistakes or simply make things up. This is still AI, but it’s the tested and proven machine learning aspect of the technology.

The application of AI and machine learning in mortgage document management exemplifies how traditional AI techniques can bring about transformative changes in long-established industries. As these technologies continue to mature, we can expect even greater efficiencies and innovations in the mortgage sector, ultimately benefiting both lenders and borrowers alike. As we develop them, we’ll invite you in to take a closer look.

If you want to see the powerful Document AI in action and the impact it can have on your lending business, we’re happy to show that to you today.

By Mark Swift, Software Product Manager at Mortgage Cadence 

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Media Contacts

Mortgage Cadence: 
Alison Flaig 
Head of Marketing 
(919) 906-9738