Truth in Lending
A Truth in Lending Disclosure Statement is a document (also known as Truth in Lending, TIL, The Truth in Lending Statement, TILA disclosure) that includes information about the cost of your mortgage loan, including your annual percentage rate (APR).
The Truth in Lending Disclosure Statement is a Framework Document Skill that has been trained on a smaller set of documents. Approximately 50 data fields are defined and labeled.
Customers can use this Framework skill as a starting point for further training based on incoming reports, add new or adjust the extracted fields and business rules to their own requirements.
Benefits
- Truth in Lending Disclosure Statement skill model automatically detects key fields and extracts relevant data (Date, Loan Number, Borrower Name, Co-Borrower Name, Property Address, Annual Percentage Rate (APR), Finance Charge, etc.).
- Includes rules for required fields. Additional business rules can be added as required for example to set a minimum threshold of earnings, or to check that the document has not been issued prior to a certain date.
- Can be augmented by human-in-the-loop review and verification based on accuracy thresholds, missing or incorrect information.
- Allows further training of the model based on customer documents in real time in order to ensure sufficient accuracy levels on customer-specific documents. Over time significantly improves straight-through-processing rates and reduces the need for human interaction.
- Key fields: Date, Loan Number, Property Address, Borrower Name/Address, Co-Borrower Name/ Address, Annual Percentage Rate (APR), Finance Charge, Amount Financed, Total of Payments, Interest Rate, Principal and Interest Payment, Escrow (est. Taxes and Insurance), Total est. Monthly Payment.
Documentation
Contributor: ABBYY
| Name | Version | Date |
|---|---|---|
| Truth in Lending | 10.0 | 07.12.2022 |
| Upgraded technology core to v2.0. | ||