AI Foundry, an artificial intelligence (AI) platform company, recently announced the launch of its mortgage document model, adding new functionality to its Cognitive Business Automation Platform. According to AI Foundry, it incorporates the "latest in AI, machine learning and machine vision to deliver a higher level of automated classification and data extraction capabilities."
"This document model capability will enable the mortgage industry to use AI to replace multi-week manual processes, so that mortgages can be processed from 'application to underwriting' in days, not weeks."
“The model enables any lender to upload its loan application material and in return receive fully indexed and extracted data within seconds. The model delivers 95 percent accuracy and was trained on more than 100,000 mortgage documents, 300 document types and 2,000 data extractions to date, using both cognitive and deep neural network techniques,” said Peter Piela, Ph.D., Head of Solution Development at AI Foundry. “The percentage of accuracy using our vision technology is comparable to human manual processes, while legacy text classification approaches fall well short of this at roughly 80 percent accuracy. The impact of using our document model means significant time savings for the lender and the replacement of expensive manual processes with far more efficient automated ones.
“In addition to the document model, the platform contains a powerful rules engine that allows clients to create intelligent robotic agents to automatically monitor completeness, integrity and compliance. The rules engine enables users to make actionable inferences that trigger remedial events early in the document-processing and exception-handling phases, thereby reducing overall cycle time and the cost of remediation,” added Piela.
AI Foundry’s plan is to make the document model available to customers as part of the Cognitive Business Automation Platform, so they can use the existing model as well as augment the capabilities of the base model to solve specific mortgage workflow processes.
AI Foundry has been selected to present and demonstrate this new technology at the VentureBeat Transform Showcase Expo, July 10, 2019 in San Francisco, California.