Edison, NJ. Thursday, May 3, 2023 Indecomm, a leading provider of lending automation and tech-enabled mortgage services, recently won the “Best Innovation leveraging Artificial Intelligence (AI) and Machine Learning (ML)” award at the Amazon Web Services AI Conclave. The AI Conclave Awards ceremony, held on December 14 2022 in Bangalore, recognized Indecomm’s Intelligent Document Extraction (IDX) solution for its use of AWS Textract, which resulted in unparalleled mortgage document processing accuracy, speed, and scalability metrics. The AWS AI Conclave is known for recognizing and celebrating high-impact innovations using AWS AI/ML services.
Indecomm’s IDX solution overlays AWS Textract, a data extraction module, with a proprietary ML-based model for document classification and data extraction to streamline document-heavy mortgage processes. IDX is one of three common technology components powering Indecomm’s “Genius” suite of automation solutions that solve for mortgage “middle-office” inefficiencies such as self-employed borrower income calculation, loan decisioning, loan QC, and document management. The application of IDX within its Genius suite of solutions has proven to improve Genius-suite product performance; accelerate mortgage lending turnaround times; and eliminate the need for manual mortgage document-to-data extraction, review, and validation.
“Indecomm is honored to receive the Best Innovation Leveraging AI/ML award at the AI Conclave,” said Indecomm SVP of Engineering, Dr. Harish B. Kamath. “This award further demonstrates Indecomm’s commitment to effectively utilizing modern technology to solve cumbersome, complex, and persistent mortgage operational bottlenecks. The resultant savings in resource and time efficiency from the use of IDX are tangible. The award also showcases Indecomm’s experience deploying deep and impactful solutions that combine mortgage industry expertise with next-generation technological aptitude.”
Indecomm chose AWS’s Textract after comparing the capabilities of several document processing vendors. The scalability and cost-effectiveness of AWS’ solutions fit well into the mortgage and lending industry’s imperative to improve efficiency, while also delivering the agility to meet rapid fluctuations in loan and mortgage document volumes. Indecomm’s IDX ML innovation takes mortgage document processing to a new and unmatched level, accurately processing, classifying, and extracting data, and reading a 100-page mortgage file in five to seven minutes, which is 23 minutes faster than the industry standard.
“At AWS, our aim has always been to simplify and democratize AI, so that every developer and organization can take advantage of its immense potential. It is great to see how Indecomm has leveraged Amazon Textract to automate document processing in the complex mortgage industry. They continue to uphold an admirable standard and deliver tangible value to their customers through their technology stack,” said President, AWS India and South Asia Puneet Chandok.
Indecomm’s Genius suite of solutions incorporates its award-winning IDX innovation to reduce operational costs, improve efficiencies, and deliver meaningful productivity enhancements across the loan lifecycle. IncomeGenius, DecisionGenius, AuditGenius, and DocGenius all integrate with lender loan origination systems and are also available as modular products. To learn about Indecomm’s groundbreaking IDX solution, read the AWS case study. You can also explore a range of resources on Indecomm.com.
Founded more than 25 years ago, Indecomm blends intelligent automation with deep mortgage banking expertise to deliver groundbreaking mortgage innovations that help businesses optimize operations and achieve competitive advantage. Backed by a 1500-strong global workforce, Indecomm’s automation-as-a-service approach benefits mortgage organizations, enabling them to offer better borrower experiences by streamlining middle and back-office operations.
Indecomm takes an automation-first approach, partnering with large and mid-sized lenders, servicers, mortgage insurers, and title companies to create efficiencies at every phase of the mortgage lifecycle. Specifically, Indecomm products and services leverage robotic process automation (RPA), supervised automation, and machine learning to tackle the industry’s most complex operational challenges.