The Uniform Residential Loan Application Form 1003 is a standard form completed by borrowers when applying for a mortgage loan where the borrower lists all assets and liabilities when attempting to secure a mortgage loan.
The Loan Application Skill is a Framework Document Skill, which can extract key data points from loan application forms. 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 30 data fields from the loan application forms and extracts relevant data (borrower name, SSN, employment information, purpose of loan, property, total assets and liabilities, purchase price, loan amount, loan origination company 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: Lender Case Number, Borrowers Name, SSN, Amount. Values extracted from key fields are visible in the Documents overview.