has launched LoanLogics IDEA OnDemand, a cloud-native digital assistant that helps originators automate the processing of loan documents on an as-needed basis and reduce staff costs.
Available for use on documents associated with individual loans, IDEA (Intelligent Data Extraction and Automation) OnDemand is a highly-secure technology that uses machine learning to classify loan documents and extract loan data in just seconds. IDEA OnDemand is able to identify more than 400 different document types and extract more than 8,000 individual data elements, with many critical documents and data elements achieving over 95 percent accuracy. It includes an exception management tool that enables lenders to address document and data extraction discrepancies in real-time.
"For too long, loan originators have struggled with costly and error-prone manual processes when it comes to validating and verifying loan documents," said Dave Parker, LoanLogics' chief product officer. "IDEA OnDemand offers originators the opportunity to see how our intelligent classification and data extraction technology can greatly reduce the time and effort they spend on processing documents for individual loans. Significant benefits result from redeployment of staff to more meaningful work and minimizing document processing tasks to simply managing exceptions. There is nothing else on the market like it."
IDEA OnDemand features LoanLogics' unique automated document recognition (ADR) technology, which uses machine learning tools to greatly expand the types of loan documents that can be classified through automation. It also includes the company's automated data extraction (ADE) technology, which employs textual analysis to extract thousands of data elements from both structured and unstructured documents in seconds.
"With IDEA OnDemand, it's never been easier for lenders to access machine learning technology to accelerate the origination process," said LoanLogics CEO Bill Neville. "Our IDEA technology provides a high level of accuracy for automated document indexing and data extraction at a fraction of the expense of processing documents manually. If lenders want to find out how much intelligent document processing and data extraction can lower their costs, all they have to do is try it."