Platform
Solutions
Integrations
Company
Platform
Solutions
Integrations
Company
AI-powered mortgage software testing boosts efficiency, cuts costs, and streamlines document verification for lenders.
Many in our industry are examining the perfect use of new technologies like AI and machine learning. Numerous have been proposed, and some are quite promising. One of these that stands out from the rest is the use of AI in software testing.
In the mortgage business, for instance, a multitude of documents, each unique to the loan program, investor and state, have made it challenging to create automation that can process and verify all of these documents. That tends to drop deals out of automated processes and increase more expensive human labor.
This tedious task, traditionally performed by manual testers, has been a significant bottleneck in the mortgage software testing process. Each new workflow requires a team to verify the forms. It costs too much and takes too long. But that is changing.
A groundbreaking implementation of artificial intelligence (AI) at Mortgage Cadence is revolutionizing this landscape, offering increased efficiency and accuracy for lenders.
Technology developers with a history in the mortgage industry often fall prey to the mistake of attempting to develop everything in house. This is unnecessary and a waste of resources, especially if you have strong partnerships.
In our case, a very strong partnership with Microsoft led us to a very powerful testing automation solution in the form of Microsoft's Azure Intelligent Document Processing tool.
The implementation of this AI-powered tool into our testing process marks a significant departure from conventional testing methods. Rather than relying on human testers to painstakingly review each calculation in lengthy PDF documents, the system now leverages AI to swiftly analyze and verify values.
This automation has been incorporated into existing test scenarios, creating a streamlined process that compares values and confirms accuracy with remarkable speed and precision.
The impact of this innovation on testing efficiency cannot be overstated. By automating the verification process, testing time has been drastically reduced. Moreover, the accuracy of testing has seen a substantial improvement.
While the tool itself is relatively new to the market, this particular application in mortgage software testing is unprecedented. It represents a forward-thinking approach to addressing a persistent pain point in the mortgage industry – the need for quick, accurate verification of complex loan documents.
The process of implementing and validating this solution has been rigorous. Our thorough validation process underscores our commitment to maintaining the incredibly high standards of accuracy in mortgage software testing.
The potential implications of this innovation extend far beyond the immediate benefits of improved testing efficiency. For clients in the mortgage industry, this technology offers a promising solution to the longstanding challenge of document verification.
By significantly reducing the time and resources required for this critical process, mortgage lenders and servicers can streamline their operations, potentially leading to faster loan processing times and improved customer satisfaction. As the mortgage industry continues to evolve in the digital age, innovations like this AI-powered testing tool are likely to play an increasingly crucial role. They not only enhance the efficiency and accuracy of existing processes but also pave the way for more advanced applications of AI in mortgage technology.
By Monika Bhatla, Head of Quality at Mortgage Cadence
Follow us on LinkedIn to be notified when our next article is released.
Mortgage Cadence:
Alison Flaig
Head of Marketing
(919) 906-9738