LoanLogics recently announced several document processing milestones achieved in large part through an 11-year relationship with PennyMac Financial Services, Inc., PennyMac Mortgage Investment Trust and their affiliates, collectively, “Pennymac,” the company said in a release.
LoanLogics currently classifies 660 document types and extracts over 10,000 data elements with 99 percent extraction accuracy through its IDEA (Intelligent Data Extraction and Automation) Services. Since Pennymac began using IDEA Services for its correspondent business, LoanLogics has benefited from its high volume of loans sent each month for processing.
This set of document samples are what feeds IDEA’s machine learning and data extraction algorithms to make them more accurate for more document types. The result is that Pennymac has been able to rapidly ramp up classification, version control and data extraction of loan file documents.
“Over the past decade, LoanLogics has worked with us to set a new standard of performance in our correspondent business,” Otto Suarez, managing director of mortgage fulfillment at Pennymac, said in the release. “We’ve been able to dynamically scale our operations in a constantly changing market.”
Today, LoanLogics supports document processing projects for Pennymac across its correspondent lending, TPO (third party originators) lending, and consumer direct lending businesses. The efficiencies LoanLogics helped Pennymac achieve using nearly 10,000 automated rules and human operator workflows went beyond simple loan boarding to powering internal process improvements, business intelligence and business outcome automation use cases.
“Because of our continuous collaborations to address Pennymac’s growing needs, our own capabilities to serve the mortgage market have grown,” LoanLogics Product Architecture and Innovation Executive Vice President Terrell Cassada said. “More and more data can be accurately extracted to feed downstream systems and processes and drive new possibilities to achieve business outcomes. We look forward to many more years of this advantageous relationship.”
Pennymac began a search for technology driven document classification and data extraction in 2011. Since 2012, LoanLogics has provided technology and services in support of Pennymac’s mortgage document and data automation needs. The relationship has enabled greater sophistication of LoanLogics’ machine learning and data extraction programs and the increase its document processing capabilities.
“LoanLogics’ document classification and data extraction are accurate, and they always strive to meet our unique needs,” Suarez said.
This year, Pennymac celebrates its 15th anniversary and has helped over 4 million lifetime homeowners across the country achieve their aspirations of homeownership.