AI Driven Document Verification and Extraction Workflow Guide

Intelligent Document Verification and Extraction

1. Document Submission

1.1. Client Interaction

Clients submit necessary documents via a secure online portal.

1.2. Supported Document Types

Accepted documents include pay stubs, tax returns, bank statements, and identification.

2. Document Preprocessing

2.1. AI-Powered Scanning

Utilize AI-driven tools like Adobe Scan or Microsoft Office Lens to convert physical documents into digital formats.

2.2. Optical Character Recognition (OCR)

Implement OCR technology through tools such as Tesseract or ABBYY FineReader to extract text from scanned documents.

3. Data Verification

3.1. Automated Data Extraction

Employ AI models like Google Cloud Vision or Amazon Textract to automatically extract relevant data fields from documents.

3.2. Validation Against Standards

Cross-check extracted data against predefined criteria and benchmarks using machine learning algorithms.

4. Risk Assessment

4.1. Anomaly Detection

Utilize AI systems for anomaly detection to identify discrepancies in submitted documents.

4.2. Creditworthiness Evaluation

Integrate AI tools such as Zest AI to assess borrower creditworthiness based on extracted data.

5. Compliance Check

5.1. Regulatory Compliance Verification

Use AI-driven solutions like ComplyAdvantage to ensure all documents meet regulatory requirements.

5.2. Audit Trail Generation

Automatically generate an audit trail for all verification and extraction processes for compliance purposes.

6. Decision Making

6.1. Automated Decision Systems

Implement AI algorithms to facilitate real-time decision-making based on verified data.

6.2. Human Oversight

Incorporate a final review by mortgage professionals to ensure accuracy and address any flagged issues.

7. Document Storage and Management

7.1. Secure Storage Solutions

Utilize cloud-based storage systems like DocuSign or Dropbox for secure document management.

7.2. Data Retrieval

Implement AI-driven search functionalities to allow for easy retrieval of documents as needed.

8. Continuous Improvement

8.1. Feedback Loop

Establish a feedback mechanism to gather insights from users on the document verification process.

8.2. AI Model Training

Continuously train AI models with new data to improve accuracy and efficiency in document verification and extraction.