Fortune 500 mortgage company cuts document validation by 60% with automation

As part of its mortgage processing service to lenders and mortgage brokers, the company was manually validating every supporting document submitted with a home loan application. Staff would physically cross-check details - such as verifying a Birth Certificate number on the application against the original document - field by field, document by document.

With most applications containing 10 or more supporting documents, each packed with information, the process was labour-intensive, time-consuming, and susceptible to human error. Committed to delivering customer-centric digital services, the company set out to find a smarter, more scalable approach.

The company partnered with PhoenixDX to deliver an innovative application that fully automates the validation of supporting home loan documents for lenders and mortgage brokers.

The application uses optical character recognition (OCR) technology to convert scanned or photographed original documents into electronic text. It then reads and extracts the relevant information according to customisable rules configured in consultation with each lender, before automatically cross-checking that data against the details provided in the home loan application, all without any human intervention.

A standout feature is the configurable rules engine, which allows business rules to be updated without requiring IT support. This not only reduces ongoing technical maintenance costs but also empowers frontline teams to adapt quickly to changing regulatory and compliance requirements as they arise.