AI-enabled search and discovery for mortgage processing and underwriting

In mortgage lending, enterprise search or information extraction applications help expedite the processing and underwriting stages. But, according to a 2018 survey by Fannie Mae, only 27% of mortgage businesses had experience with AI solutions. Lenders that want to use AI can have a competitive advantage over their competitors. 

In this whitepaper, you will learn:

• How Artificial Intelligence (AI)-enabled search and discovery applications can help speed up the mortgage underwriting process
• Why lenders leverage AI to their advantage to focus on cost reduction and risk reduction
• Why adopting AI to automate compliance may be the most effective way a lender can differentiate itself from competitors

While most lenders have digital workflows, the mortgage industry as a whole still struggles with a vast amount of physical documents. In order to rectify this state of affairs, lenders will need to digitize documents in order to adopt an enterprise search application. However, not all digitization solutions are created equal.

In this whitepaper, Emerj Artificial Intelligence speaks with Iron Mountain’s director of product management, Anke Conzelmann, about how AI applications have become valuable tools in mortgage processing and underwriting.

Financial institutions, including lenders, stand to benefit from automating back-end processesand eliminating manual data entry. In mortgage lending, NLP-enabled search and discoveryapplications, also called enterprise search or information extraction applications, help expeditethe processing and underwriting stages.

This paper will cover how lenders can decrease costs in the long run by using AI to createefficiencies in mortgage processing, underwriting, and compliance workflows.