We previously wrote about how financial services are being transformed by intelligent automation. Let’s have a closer look at how this is actually happening in one of its largest asset classes — mortgages.
Mortgages in the U.S. today total more than $10 trillion. But it’s also a highly regulated industry, which has resulted in a complex mortgage process. The processing of mortgage applications is largely manual, involving many legacy systems and databases. The applications themselves often include more than 500 pages of documents, with 1,700 data points that need to be reviewed and extracted into systems. As a result, the process can be very error-prone.