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What is a Mortgage Application Form OCR Data Extractor?
A Mortgage Application Form OCR Data Extractor embodies a modern and powerful technology that transforms the way mortgage applications are processed. It is rooted in Optical Character Recognition (OCR) technology, which enables it to identify typed, handwritten or printed text characters in different document formats. This OCR software uses Artificial Intelligence (AI) OCR, or Artificial Intelligence Optical Character Recognition, to identify, categorise, and extract relevant data from Mortgage Application Forms. The OCR data extractor takes this complex task and turns it into a simplified, accurate, and efficient automated data extraction process.
The application of OCR technology is far reaching, and benefits both businesses and individuals. The technology first scans the mortgage application form, then the AI Data Extraction feature interprets and pulls out required data points such as applicant names, addresses, financial histories and more. The extracted data can then be seamlessly integrated into other systems through an API for OCR. This automation can help businesses drastically cut down on manual errors and speed up the processing time significantly. For individuals applying for mortgages, this technology reduces wait time, offers quicker approval processes and overall more efficient customer service.
Step 1
Upload your documents to Affinda directly to our app, or by integrating with email or document management platforms
Step 2
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Step 4
Need an AI data extractor customised to your specific business needs? Our expert team can build a model tailored to your business workflows that integrates seamlessly with existing processes.
Borrower Information
- Full Name
- Date of Birth
- Social Security Number
- Current Address
- Previous Address (if applicable)
- Phone Number
- Email Address
- Employment Information
- Annual Income
- Additional Sources of Income
Co-Borrower Information
- Full Name
- Date of Birth
- Social Security Number
- Current Address
- Previous Address
- Phone Number
- Email Address
- Employment Information
- Annual Income
- Additional Sources of Income
Property Information
- Property Address
- Purchase Price
- Loan Amount Requested
- Property Type
- Intended Use of Property
Financial Information
- Bank Account Information
- Assets
- Liabilities
- Credit History
- Other Monthly Expenses
Mortgage Loan Details
- Loan Purpose
- Loan Type
- Loan Term
- Interest Rate
- Amortisation Schedule
- Prepayment Penalty
Additional Information
- Co-Borrower Authorisation
- Declaration of Information
- Signature and Date
Don’t see the fields you need above?
Innovative features that set us apart from the rest.
Superior accuracy
Over 20+ fields extracted
Supports multiple file formats: PDF, JPG, PNG
Highly flexible and customisable
Supports over 56 languages
Upload and extract in bulk
Self-learning models improve over time
Seamless upstream and downstream integration
Banks & financial institutions use our Mortgage Application Form OCR data extractor to streamline the loan origination process. It allows for faster and accurate extraction of key customer data from mortgage applications, improving efficiency and reducing processing times.
Loan officers can utilise our Mortgage Application Form OCR technology to instantly digitise and extract pertinent details from the application form. This automation eases the workload and speeds up the approval process, allowing officers to manage more applications effectively.
Risk and compliance departments rely on our Mortgage Application Form OCR data extractor for extracting and validating necessary compliance data. This aids in mitigating the risk of regulatory non-compliance and enhances the integrity of the company's loan origination procedures.
