Infrrd, a leading provider of Intelligent Document Processing (IDP) solutions, announced today the launch of its newest solution, Infrrd for Mortgage.
Infrrd for Mortgage automates the lending process for mortgage origination companies and mortgage servicing entities by using Infrrd’s proprietary and patented artificial intelligence (AI)-based IDP technology to extract and manage essential information from mortgage borrowers’ documents in the most accurate way. IDP is a next-generation solution for extracting data from complex, unstructured documents. Unlike technologies that came before it, IDP can handle document complexities and variations with the help of multiple AI and machine learning technologies.
The new Infrrd for Mortgage platform allows for the extraction and classification of information from a range of mortgage-related application documents and turns it into actionable data. Infrrd for Mortgage has the ability to decipher diverse types of documents and identify many variations of fields and images within them.
Available immediately, Infrrd for Mortgage expedites the entire lending process, seamlessly and cost effectively. Using Infrrd’s IDP automation, cost-to-close loan rates are significantly reduced. Additionally, Infrrd for Mortgage optimizes the time to close loans, further positively impacting closing costs. Since Infrrd for Mortgage is highly accurate, it is capable of not only extracting data but also flagging information that may require human attention (“human in the loop”), in rare circumstances. This results in better use of human capital resources and makes operations for users much more scalable and efficient by allowing employees to become more empowered and available to apply their skills to higher level tasks.
Mortgage loan applications are amongst the most document-laden processes today, only to be complicated by security and compliance requirements. According to a McKinsey & Company report, A Future that Works: Automation, Employment and Productivity, it takes an average of 37 days to approve a mortgage application in the U.S., of which about 14 to 21 are spent on the mechanics of application processing. With IDP, this could potentially drop to under six days. The report further states that “the value of the potential benefits of automation, calculated as a percentage of operating costs, is more than 90 percent for mortgage origination.” Since Infrrd’s IDP is built with human-in-the-loop correction capabilities, accuracy gets better every time, bringing lenders closer to low- or no-touch mortgage approvals. This reduction in turnaround time could improve the loan dropout rate by 30 percent or more, as people applying for mortgages today often withdraw their applications due to the lengthy process.
“Our launch of Infrrd for Mortgage is unveiling at an extremely critical time in that it has become abundantly clear the mortgage industry is starving for automation. Our solution takes lenders one step closer to clearing a path toward low- or no-touch mortgage loan processes. By leveraging our proprietary, patented IDP technology and expertise, lenders can better scale their businesses and allow their employees to devote their time and skills to higher value tasks,” explained Amit Jnagal, Infrrd founder and chief executive officer.
“With this new release and our proprietary and patented AI, we expect Infrrd clients to continually realize improved accuracy in the extraction and classification of their data over time. For example, we expect mortgage customers to see a 45 percent reduction in loan application processing time using Infrrd for Mortgage, which will make a marked difference in improving business operations, enhancing efficiencies and controlling costs,” Jnagal concluded.
Infrrd customers can feel confident in the Company’s IDP technology as every solution offered is backed by industry-standard certifications, such as ISO-27001, and also are General Data Protection Regulation (GDPR)-compliant.
Infrrd for Mortgage is available for immediate use by contacting hello@infrrd.ai.
About Infrrd
San Jose, Calif.-based Infrrd is a leading provider of proprietary and patented Intelligent Document Processing (IDP) solutions, which leverage artificial intelligence (AI) and machine learning to enable enterprises to extract and manage data from semi-structured and unstructured documents in large volumes. Infrrd offers pre-built, highly configurable solutions for managing complex documents, such as, among others, invoices, claims and bank statements while also allowing organizations to create and train new models. Enterprises across the globe use Infrrd’s solutions to enhance employee productivity, improve operations, accelerate business scalability, reap cost efficiencies and deliver exceptional customer experiences.
For more information, visit www.infrrd.ai or connect with the Company on LinkedIn, Facebook and Twitter.
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