SoftWorks AI’s program, Trapeze for Mortgage Automation, allows lenders to reduce manual labor by automatically classifying and extracting loan packets.
The technology enables firms to cut loan processing time from two hours to five minutes with 99% accuracy. Using artificial intelligence and machine learning, Trapeze can recognize, classify and split more than 450 mortgage-based documents. More than 85% of documents no longer require manual validation. The program allows users to approve or deny loan applications with as little time and effort possible, thereby helping financial institutions acquire more profitable loans in an efficient manner.