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Mortgage Loan Processing Data Extraction with GPT

by Jason Dzamba and

by Gabriel Skelton - September 22, 2023

Are you overwhelmed by the sheer volume of documents involved in the mortgage loan process? From tax returns to credit reports to appraisals to bank statements, each document presents a unique challenge.

OpenBots is here to amplify your lending with cutting-edge AI document data extraction capabilities. In this article, we’ll walk you through the two exciting phases of OpenBots’ AI-driven transformation for mortgage loan processing: document classification and extraction.

Processing Loans with AI and Automation

Here’s how a loan processing automation works with document processing and RPA bots:

Upload: Applicants submit an array of documents, including tax returns, appraisal letters, credit checks, and bank statements, to OpenBots Documents.

Identification: In Phase 1, OpenBots Documents identifies the document type. It’s like having a document detective categorizing each document.

Extraction: OpenBots Documents harnesses the power of Microsoft GPT to extract information swiftly and accurately from simple to complex documents of any length or complexity.

Integration: The extracted data is API-accessible and can be automatically input via API into the end system of record. The alternative to this is having a bot move the data into an end system if it is not API-friendly.

Phase 1: Document Classification

Before diving into data extraction, there’s a critical first step—document classification. Imagine dealing with a massive 600-page mortgage loan package. The task of manually identifying and categorizing each document type is daunting. But OpenBots simplifies this phase with its AI-Driven Document Processing Tool, imbedded with large language model technology.

The document classification step sets the stage for everything that follows. Once a document’s type is identified, the system infers which fields to extract based on context. This level of specificity eliminates guesswork, streamlining the data extraction process and reducing the need for manual intervention.

Phase 2: Data Extraction

Once documents are classified, it’s time for precision data extraction. OpenBots Document’s adaptability is its superpower. How much data you extract and the specific fields you’d like to extract from each document type is up to you and your business process. It can be tailored to extract any amount of data fields, whether it’s six or 60. Out-of-the-box, it will simply extract every data field present on the document.

Field Extraction: OpenBots extracts key data fields from each document type, like mining valuable data from a mountain.

Data Delivery: Extracted data seamlessly flows to the Client API or connects to a database, making information easily accessible and ready for the next step.

Manual Quality Check: While AI is powerful, OpenBots enables a human-driven quality control check for data accuracy and reliability.

Integration with Loan Management: Extracted and refined data integrates seamlessly with your loan management system, enhancing existing processes.

Automation doesn’t discriminate between systems. Whether a document originates from an email inbox, SharePoint folder or resides in your loan origination system/system of record, OpenBots effortlessly retrieves it. The data isn’t locked in a silo; automation facilitates smooth data flow through APIs, enabling efficient data sharing across your organization.

Automation Deployment

Automation is the key to streamlining processes, reducing manual effort, and optimizing data utilization. With OpenBots, processing mortgage documents becomes streamlined, efficient, and accurate. The entire process, from kick-off to hypercare, can be completed in 4 weeks or less, ensuring a smooth transition into a new era of residential lending.

Embrace OpenBots, and let technology work smarter and more efficiently for you. Say goodbye to document-related challenges and usher in a new era of efficiency in residential lending!

Ready to streamline your lending process? Reach out to Fintech team to learn how similar firms are using this technology.

About Jason Dzamba

Director of Media Relations, Productivity Strategist, and Host of Inside the Bot Podcast, Jason uses a process-driven to help leaders optimize their actions and achieve their most important goals. His creative outlet is painting abstract art and producing music. He lives in Miami, Florida, with his three kids.

About Gabriel Skelton

As the Director of Banking & Mortgage Automation Solutions, Gabriel is responsible for creating pre-packaged and customized automation solutions to enable digital transformation for banks, credit unions, and mortgage lenders.

Certified in process discovery & analysis, Gabriel specializes in pairing firms with scalable workflow automation. He has over five years of experience spanning financial services, enterprise technology, and digital transformation.

Gabriel resides in Coral Springs, Florida, with his wife and son.