For an automation solution to deliver what it promises, it needs to be built with domain expertise – not just in AI but also in the processes that it’s automating. SoftWorks AI’s Trapeze for Mortgage Automation is where mortgage and AI expertise meet. Trapeze is a purpose-built solution designed to streamline different aspects of the mortgage lifecycle, from origination to post-close review, by converting documents to data with extreme accuracy and speed. The solution leverages advanced computer vision and machine learning to achieve the highest accuracy rates in the industry.
Trapeze uses advanced technologies to automate the identification, classification, prioritization and assembly of loan packets and their data. It extracts and validates critical data from input documents with exceptional accuracy, helping teams approve or deny loan applications faster and with less effort. No matter the file type, structure or data field locations, the solution can reliably extract the critical information needed to make loan decisions with both exceptional speed and accuracy. Trapeze also ensures that the extracted data tells a consistent lending story by cross-validating information across the loan packet.
Unlike off-the-shelf or generic solutions, Trapeze is purpose-built for mortgage. With over 680 distinct documents and 6,300 data fields available “out of the box,” organizations can leverage Trapeze’s highly accurate automation capabilities literally in minutes. And that built-in library is ever-expanding. Whereas many solutions are static, SoftWorks constantly innovates and improves Trapeze based on industry and client news and feedback. Subscribed clients receive continuous updates, such as additional forms and data fields, improved accuracy and new capabilities to help further automate their business.
Generating reliable data that clients can trust allows users to move valuable resources away from “stare and compare” activities and towards more productive tasks. Workers can process more loans more accurately and in less time. By substantially reducing the need for humans to “double-check” the data, clients can process more information without an increase in labor costs and time. Furthermore, clients are seeing improvements in customer experience because the solution provides borrowers with real-time feedback and confirmation at document submission.
These clients are experiencing straight-through-processing of over 90% with pass-through accuracy of 99.5%+ and are seeing up to a 90% reduction in document processing time. With SoftWorks’ secure cloud-enabled processing, clients can dynamically scale lending capacity up or down to meet market demand. This has provided them with a truly competitive advantage, in that they can easily handle dynamic loan volumes and dramatically shorten cycle times, all while maintaining the extremely high accuracy rates that are so crucial in the mortgage industry. The speed, accuracy and high levels of automation that Trapeze delivers translates into boosted revenues and clear ROI for their clients, including some of the biggest lenders in the nation.
The company is in the process of releasing enhanced underwriting capabilities such as Verification of Income and Verification of Assets, cash flow analysis, document versioning (deciding final/most recent version), expanded document and field coverage, cross-validation for data consistency and tighter integrations with popular LOS platforms.
SoftWorks AI’s focus to drive towards 100% straight-through processing translates into a solution that is always improving and getting ever-closer to truly touchless automation.
Product Snapshot: Trapeze for Mortgage Automation leverages deep expertise in AI to optimize the processes throughout the mortgage lifecycle by converting documents to data with extreme accuracy and speed.