Case Study
43%
Reduction in document verification time
30%
Faster pre-approval processing time
Overview
A mid-size mortgage processing firm with $1.6 billion in annual revenue, providing comprehensive mortgage services for both retail and wholesale clients. The firm sought a solution to streamline and accelerate its document verification process, ultimately improving the borrower experience and operational efficiency.
"By automating document verification and processing with GenAI, we reduced document verification time by 43% and sped up pre-approval processing by 30%, significantly improving efficiency and borrower satisfaction."
The Challenge: Streamlining Document Processing in a Time-Sensitive Industry
The client faced several challenges that were impeding its ability to scale and efficiently process mortgage applications:
Manual Verification Bottlenecks
The document verification process was manual, slow, and prone to errors, which caused bottlenecks in mortgage application processing.
Missing Documents
The client struggled with delays in identifying missing paperwork. Without automated tracking, staff had to follow up with borrowers manually, which extended processing times.
Extended Turnaround Time for Pre-Approvals
Mortgage pre-approval letters took too long to generate due to inefficient manual processes. This frustrated borrowers and created a negative impact on customer experience.
These challenges resulted in significant delays in processing times, inefficiencies in staff operations, and lower customer satisfaction.
The Solution: Implementing GenAI to Automate Document Processing
Wizr Labs was engaged to implement a cutting-edge Generative AI (GenAI) solution to automate key elements of the mortgage processing workflow, ultimately speeding up document processing and reducing human error.
The GenAI solution included the following components:
Automation of Document Verification
GenAI was utilized to automate the process of verifying documents by cross-checking them against pre-defined templates and external databases. This helped identify discrepancies more quickly and accurately, reducing the time spent on manual verification.
AI-Powered Document Classification
GenAI automatically categorized and summarized mortgage-related documents, such as proof of income, credit reports, and property information. This improved organization, enabling staff to easily access and retrieve the necessary documents when needed.
Leveraging Optical Character Recognition (OCR) and Natural Language Processing (NLP), GenAI extracted key data points from documents (e.g., borrower names, loan amounts, interest rates) and entered them into the system, reducing the need for manual data entry and significantly lowering the risk of errors.
Automated Document Tracking and Alerts
GenAI tracked the status of each document throughout the processing workflow, automatically flagging missing or incomplete documents. It notified staff immediately, ensuring quicker follow-ups with borrowers and preventing delays.
The Results: Faster, More Accurate, and Scalable Document Processing
The implementation of the GenAI-powered solution transformed the mortgage processing workflow. The following results were observed:
Automated Verification
The AI solution accurately cross-checked documents, flagging any discrepancies. This led to a reduction in manual errors, improving the overall quality of document verification.
Document Alerts and Quick Follow-Up
Automated alerts for missing documents enabled staff to follow up with borrowers more promptly, reducing delays in obtaining necessary paperwork and streamlining the approval process.
Faster Pre-Approvals
By reducing manual processes in the document verification and tracking steps, the time it took to issue pre-approval letters was cut by 40%, enabling faster decision-making and improving the borrower experience.
Improved Efficiency
The automation allowed the firm to process more mortgage applications in less time, improving overall operational efficiency and enabling the firm to handle higher volumes without increasing headcount.
The Impact: Transforming Mortgage Processing Efficiency
The GenAI solution provided measurable improvements across key areas of the mortgage processing workflow:
50% Reduction in Processing Time
The automation of document verification and tracking helped reduce the overall processing time by 50%, leading to quicker decisions and faster loan closings.
60% Reduction in Manual Errors
By using GenAI to extract and classify data, the firm saw a significant reduction in manual entry errors, ensuring greater accuracy in the documents and data.
Increased Customer Satisfaction
Faster turnaround times for pre-approvals and fewer delays in processing resulted in improved customer satisfaction. Borrowers were able to receive timely updates, and the firm saw a positive impact on customer retention.
Scalability
With the AI-powered solution, the firm was able to scale its operations without needing to hire additional staff. This increased its capacity to handle more mortgage applications, positioning the company for growth.
Conclusion: A Smarter, Faster, and More Efficient Solution
Wizr Labs successfully implemented GenAI to automate critical aspects of the mortgage processing workflow, resulting in significant improvements in speed, accuracy, and scalability. The solution allowed the firm to handle higher volumes of mortgage applications, improved customer satisfaction, and streamlined internal operations.
Want to learn how Wizr Labs can help transform your business with AI? Contact us to discover how our innovative GenAI solutions can accelerate your document processing and improve your operational efficiency.
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