skip to content

We use cookies to offer you a better browsing experience, analyze site traffic, personalize content and serve targeted ads. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or they have collected from your use of their services. Read how we use cookies and how you can control them in our Cookie Disclosure Policy. By using our site, you consent to our use of cookies.

Case Study

Case Study: How Indecomm Leveraged Amazon Textract to Enhance Its Intelligent Document Extractor (IDX) Innovation

Indecomm Automates Complex Document Processing with Amazon Textract

Please see the original source case study on Amazon

Watch the video discussion

In the dynamic world of mortgage origination, time is money, and precision is paramount. The arduous task of navigating through stacks of documents, extracting essential data, and ensuring unwavering accuracy has been a long-standing challenge in the loan application process. But with innovation as its driving force, Indecomm, a pioneering mortgage SaaS and automation provider, embarked on a transformative journey to redefine the industry’s landscape. At the core of this paradigm shift lies the Intelligent Document Extraction (IDX), an ingenious machine learning-powered solution that not only streamlines operations but empowers lenders to expedite loan approvals with unprecedented efficiency.

IDX: Propelling Efficiency to New Heights

The mortgage application process has long been plagued by manual data extraction and analysis, leading to delays, errors, and escalated costs. This spurred Indecomm, backed by decades of mortgage industry experience, to conceive IDX — a revolutionary tool to automate these intricate tasks. Far more exact and intelligent than a typical OCR solution, IDX possesses the prowess to identify, classify, and meticulously extract data from diverse documents. What’s more, it enriches and validates this data as required, introducing a new era of precision and reliability. This groundbreaking innovation is a foundational element that drives success in multiple core mortgage technology products within Indecomm’s genius suite, including: IncomeGenius, DecisionGenius, and AuditGenius.

The Amazon Textract Advantage: Forging a New Path in Efficiency

Selecting the right technology to power IDX was a pivotal juncture. After an exhaustive evaluation, Indecomm’s choice crystallized around Amazon Textract on Amazon Web Services (AWS). This decision was catalyzed by Textract’s innate scalability and seamless integration with serverless tools like AWS Lambda. Unlike traditional setups, which demanded numerous virtual machines, Textract’s application programming interfaces (APIs) facilitated parallel processing, ensuring a fluid document analysis process devoid of delays.

As Dr. Harish B. Kamath, SVP of Engineering at Indecomm, explains, “We found that Amazon Textract offered us the highest flexibility of use and the lowest cost to develop our IDX module.” IDX harnesses the capabilities of Amazon Textract alongside AWS Lambda’s machine-learning components and Indecomm’s proprietary machine-learning and business rules. This dynamic synergy enabled IDX to effortlessly map intricate mortgage-related documents and extract over 4,000 data fields that were previously trapped in the confines of manual labor.

From Hours to Mere Minutes: Transforming Turnaround Times

In developing IDX, Indecomm drastically improved the speed and accuracy of its processes. Processes that once devoured hours due to file corruption were consigned to history. The fusion of AWS Lambda and IDX introduced on-demand monitoring, obliterating operational bottlenecks. Traditional data extraction times were slashed; a task that once consumed 30 minutes was seamlessly accomplished in a mere 5–7 minutes, courtesy of Amazon Textract’s prowess. This leap in efficiency proved invaluable for mortgage lenders, particularly when dealing with self-employed borrowers’ non-standard income documentation.

The economic implications were equally remarkable. Turnaround times underwent a revolution, with jobs scheduled every 2 minutes, a monumental advancement compared to the previous 20-hour wait for sequential processing. Costs underwent a corresponding transformation, as document classification expenses plummeted by 40%. In totality, the cost per page on AWS, encompassing data enrichment, security, storage, and reporting, was pruned to a mere 2 cents.

Empowering Lenders, Enhancing Precision

However, IDX was not just a catalyst for speed; it ushered in unparalleled accuracy and productivity. Through DecisionGenius, lenders witnessed an astounding 50–60% reduction in manual loan file interactions, effectively doubling the productivity of underwriters and processors. Beyond productivity, IDX’s automation engendered heightened accuracy. Document classification attained an impeccable 100%, while data extraction boasted an impressive average accuracy rate of 97%.

A Glimpse into the Future: Transforming Mortgage Origination

The impact of Amazon Textract and IDX is palpable. Over 700 mortgage forms housing approximately 9,200 unique fields have been seamlessly automated. Clients have experienced streamlined quality control processes with Indecomm’s AuditGenius, resulting in enhanced efficiency and accuracy.

Data accuracy remains the cornerstone of mortgage origination, safeguarding against heightened risks in the real estate finance market. IDX empowers lenders by capturing critical data and flagging errors, thereby minimizing risks and bolstering confidence. Furthermore, IDX’s scalability empowers seamless operations expansion without the need for additional staffing or hardware investments.

Indecomm’s voyage with IDX is far from over. As success stories unfold in the realm of mortgage origination, the same innovation and precision are poised to reshape banking and financial services in their entirety. As Indecomm pioneers an era defined by automation and accuracy, powered by Amazon Textract, industries at large stand to gain. In an ecosystem where time, accuracy, and efficiency reign supreme, IDX emerges as a beacon of innovation, revolutionizing the very essence of mortgage operations.