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Achieving Higher Accuracy with Vision-Based Classification and Extraction Technology

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Even in today's digital world, much of the data required for the mortgage loan file, like borrower identification and bank statements, are received as paper, electronic documents, scans, or other formats. These documents must be processed with classification and extraction to complete the closing of a mortgage loan. Today, banks and lenders can classify and extract using various technologies from a range of suppliers, but machine learning and machine vision technology are offering them the opportunity to achieve significantly higher accuracy rates compared to current text-based methods.

This paper examines the limitations of text-based classification and extraction and highlights the distinct benefits of vision-based classification and extraction technology.