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AI/ML Speeds Loan Document Processing for Mortgage ISV

X M
Xoriant Marketing
AI-ML SPEEDS LOAN DOCUMENT PROCESSING FOR MORTGAGE ISV - XORIANT CASE STUDY

Client Background

A leading Mortgage ISV wanted to simplify processes for lenders, investors and servicers. Their top priority was enabling their Loan Origination System (LOS) to handle escalating document and data volumes. An AI-based document processing solution was needed, along with support to get the required ecosystem and product integrations in place.
 
The client engaged Xoriant engineering experts with deep technical expertise in the mortgage space. Having delivered multiple digital transformation projects for Mortgage Loan Origination customers, Xoriant experts developed and integrated an AI-based document processing solution into the client’s Loan Origination System (LOS). They also implemented critical functionalities for streamlining document recognition, data extraction and validation, and dashboard creation.

Xoriant Solution | Key Contributions

In close collaboration with the client team, Xoriant experts: 

INTEGRATED THE ACQUIRED AI SOLUTION INTO THE EXISTING LOS

The optimized document management workflow enabled: 

  • intelligent data capture
  • data indexing
  • data extraction

The integration led to 30% increase in document processing speed.

TRAINED THE AI/ML MODEL FOR IMPROVED DOCUMENT PROCESSING

The team selected standard mortgage documents from the production dataset for AI/ML model training, then employed AI/ML best practices for recognizing 430+ types of mortgage documents based on a trained dataset.

Provided end-to-end product management:

  • Performed complete analysis of mortgage ISV documentation
  • Implemented standard document naming conventions
  • Ensured mortgage document samples were covered in model building activity
  • Tracked loan processing times and initiated corrective actions/enhancements
  • Reviewed model output to fine tune and deliver continuous improvements

CREATED A SINGLE CLICK INTERFACE FOR IMPROVED BORROWER AND LENDER EXPERIENCE

Enabled borrowers to send or upload the documents conveniently through various mediums such as  

  • Portal
  • Email
  • Website
  • Others

The uploaded loan document is processed as per mortgage naming conventions and passes through the following stages:

  • Document Import
  • Document Splitting
  • Document Sequencing
  • Document Classification 

As part of data tracking and analysis, enabled measurement of document process (part of loan packaging) performance, time, and capacity using a data visualizations dashboard. Also included provisions for:

  • Data extraction to facilitate informed decision making for loan approvals
  • Workspace enhancement with tab customization feature for tailored borrower experience
  • Export/Import subscription management 

OPERATIONALIZED DIGITAL QUALITY ASSURANCE FOR ROBUST APPLICATION SECURITY  

  • Addressed security vulnerabilities, code coverage and unit tests in the software 
  • Provided security remediation fixes for high severity issues

Technology Transformation

AWS | Java 8 | Spring Boot | Microservices Architecture | Hibernate | .NET | Angular 8 | React | REST API| Elastic Search | Kafka | MySQL | Docker | Jenkins | Git | Maven | Atlassian tools | Checkmarx | WhiteSource | SonarQube | JUnit/NUnit