Overview
New American Funding (NAF), a prominent U.S. mortgage organization, faced significant inefficiencies in their accounting department due to manual, time-consuming processes for handling purchase advices. With documents pouring in from 40-50 investor organizations, the burden of processing high volumes in varied formats became overwhelming.
tech stack used
Solutions
st
solution
Leverage AI to automate NAF's document preparation processes across the accounting department.
IDP, evolv’s Intelligent Document Processing accelerator, leverages AI to automate doc handling, seamlessly integrating human & IT processes. Tailored particularly for the mortgage industry, it ensures optimal performance with minimal human intervention after initial setup.
This solutoin accelerator was the perfect launch-pad for the project’s updated data ingestion and document processing strategy.
targeted metrics for improvement
- Faster Approvals
- Increased Efficiency
- Higher Productivity
- Improved Accuracy
- Enhanced CX
- Competitive Advantage
approach
1
Assessment of Challenges: Conducted a comprehensive analysis of NAF’s current document processing workflow to pinpoint pain points and inefficiencies within the investor organizations handling the ~70% of their loan volume: Fannie Mae, Freddie Mac, and Ginnie Mae.
2
Design and Development: Building on evolv’s IDP – Intelligent Document Processing industry solution, we developed a bespoke AI system tailored to efficiently manage and streamline data extraction from various PDF templates. This solution incorporates key Snowflake capabilities via Cortex, such as DocumentAI, Artic, and custom LLM models.
3
Testing and Validation: Conducted several proof-of-concepts and pilot programs to verify the solution’s accuracy and its ability to effectively manage exceptions. Custom measures were implemented to ensure DocumentAI met our desired speed and accuracy standards.
4
Deployment: Following our POC results, the team successfully implemented the solution, seamlessly integrating it into NAF’s accounting processes. This resulted in immediate improvements and positively impacted a significant portion of the organization, extending beyond the Accounting department. evolv continually monitors and tracks the solution’s performance through a Streamlit dashboard and provides ongoing training to familiarize the accounting team with performance monitoring capabilities.
5
Continuous Improvement: Implemented feedback loops to continually refine the solution, enhancing its accuracy and efficiency over time.
results
Efficiency Gains
Reduced manual document processing time by over 80%.
Increased Throughput
Enabled the accounting team to process an average of 6+ documents per minute.
Enhanced Data Accuracy
Improved data integrity through model optimizations and quality checks.
Operational Flexibility
Allowed the addition of smaller investors without increasing workload.
benefits
Time Savings
Freed up 15 hours per week for strategic tasks, shifting focus from manual processing to more valuable activities
Scalable Framework
Provided a scalable solution framework for integrating an additional 50 low-volume investors seamlessly.
Cross-Departmental Impact
Improved data integrity through model optimizations and quality checks.
