Machine vision provides classification and extraction without human interaction; expands company's breakthrough AI-driven mortgage processing solution
WAKEFIELD, Mass., July 10, 2019 /PRNewswire/ -- AI Foundry, an artificial intelligence (AI) platform company, today announced the launch of its mortgage document model, adding new functionality to its next-generation Cognitive Business Automation Platform. The document model includes an extensive set of standard mortgage document types and common variants. 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.
For originators and banks who need the ability to automate loan reviews, the document model provides "out of the box" machine-vision-based functionality that classifies and indexes documents, dynamically identifies relevant data content within the documents, detects inconsistencies, applies rules for data validation and ultimately minimizes human interaction with the loan application material. Unlike other OCR and text-based solutions in the market, the document model uses advanced machine vision and deep learning techniques to ensure highly accurate levels of recognition and data extraction required for efficient automation. In addition, the model has standardized the process for supporting new mortgage document types or other documents that require curating and labeling of large numbers of samples and variants.
"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. The model is continuously enhanced with new variants that are deployed to the SaaS environment, making it available to all customers. The Platform and document model can be deployed to eliminate a large number of manual activities, automating document-centric, labor-intensive processes with a high degree of accuracy, freeing employees from repetitive work processes and refocusing them to more value-added activities.
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.
About AI Foundry
AI Foundry provides a Cognitive Business Automation Platform, incorporating the latest in AI, machine learning and machine vision technology. The patent-pending technology automates processes by quickly extracting data from electronic images and documents with superior accuracy and minimal manual intervention. Built on top of the platform, our Agile Mortgages solution automates the entire loan process and reduces manual document review and enhances performance from POS to LOS. AIFoundry.com.