A closing disclosure is a government-mandated five-page form, provided by the lender to the borrower, which outlines the final terms and costs of a mortgage.
The Closing Disclosure Skill is a Framework Document Skill, which can extract key data points from closing disclosure documents. The skill has been trained on a smaller set of documents. Customers can use this Framework Skill as a starting point for further training the skill based on incoming documents, or to adjust the extracted fields and business rules to their own requirements.
- Framework Document Skills provide a quick-start basis for conducting proof of concept and automating document-centric processes, without wasting time to train a new skill from the ground up. In most Framework Skills the main data fields have been labeled and the skill has been trained on a small document set to provide a starting point for further training on customer side. Framework Skills generally come at no additional cost, but consume page volume from the base Vantage Core Skills volume.
- The model automatically detects approximately 40 main fields from the closing disclosure forms and extracts relevant data (date issued, closing date, file #, property address, price, borrower and seller details, loan term, loan amount, interest rate, etc.). For a full list of extracted fields, please see the skill documentation.
- Business rules can be added as required.
- Can be augmented by human-in-the-loop review and verification based on accuracy thresholds, missing or incorrect information.
- Requires further training in order to ensure sufficient accuracy levels on customer-specific documents. Training can be done up-front or during runtime as documents arrive and go through manual verification.
- Key fields: Date issued, Closing Date, File #, Loan ID #, Loan Amount. Values extracted from key fields are visible in the Documents overview.