What is data extraction from mortgage applications?
A mortgage application is a legally binding document that outlines the borrower’s financial information and the terms under which they are seeking a home loan. It includes sensitive legal details such as loan amounts, interest rates, repayment terms, and property descriptions, all of which must be reviewed and processed by legal teams and lenders to ensure compliance and accuracy. AI technologies speeds up the data extraction process which improve the efficiency and accuracy.
How to extract data from mortgage applications with AI?
Set up your AI parser within minutes in 3 simple steps.
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1. Simply upload your mortgage applications
Send your mortgage applications to Parseur via email or directly upload them.
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2. AI data processing
The data is instantly extracted with our AI tool.
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3. Automated export
The extracted data is then seamlessly integrated into your legal management system, or legal software.
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What fields can Parseur extract from mortgage applications?
Below is a list of the most commonly extracted fields from mortgage applications. With Parseur, you have the flexibility to customize this list by adding, renaming, or removing fields as needed.
Parseur is designed to support mortgage applications automation in any language and format.
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Sample value
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Text (multi-lines)
FullName
The full name of the applicant.
James Andrew Miller
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Text (multi-lines)
ApplicantAddress
The address of the applicant.
234 Oakwood Drive, Springfield, IL 62704
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Text (multi-lines)
Email
The email of the applicant.
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Text (multi-lines)
PropertyAddress
The address of the property.
789 Pinecrest Lane, Springfield, IL 62704
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Text (multi-lines)
PurchasePrice
The purchase price of the property.
$400,000
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Text (multi-lines)
LoanAmount
The loan amount.
$320,000
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Text (multi-lines)
DownPayment
The down payment of the loan.
$80,000 (20%)
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Text (multi-lines)
LoanDuration
The duration of the loan.
30 years
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Text (multi-lines)
MortgageRate
The interest rate of the mortgage.
4.5%
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Table (list of items)
AmortizationSchedule
The payment on the amortizing loan.
paymentDate paymentAmount principal interest remainingBalance Oct 1, 2024 $1,621.39 $421.39 $1,200.00 $319,578.61 Nov 1, 2024 $1,621.39 $423.05 $1,198.34 $319,155.56
Why choose Parseur for data extraction from mortgage applications?
Parseur sets your legal data management on autopilot, allowing you to focus on your core business.
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Accelerate Legal Reviews
Speeds up the process of reviewing mortgage applications, enabling legal professionals to focus on complex matters.
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Increased Accuracy
Ensure accurate capture of all important mortgage terms, minimizing risks of errors or missed details.
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Cost Savings
Lower operational costs through automation of manual data entry tasks and reduce the need for additional staffing, even during peak periods.
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Enhanced Data Security and Compliance
Maintain accurate records and streamline the management of your legal obligations.
Parseur was the most complete, the one that got the best recognition text, and the one that seemed most professional.
FAQ about mortgage applications automation
All your questions about our legal automation tool.
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Parseur has native integrations with Zapier, Make and Power Automate that enable you to export data to Docusign or PandaDoc, for example.
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No coding skills are required to use Parseur. Our AI and visual editor allows you to create custom templates and parsers with ease.
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Our OCR engine was extensively trained to recognize text in more than 60 languages, including English, Spanish, French, German, Dutch, Russian, Japanese, Korean, Chinese, Hebrew, Arabic, Hindi, and more. Furthermore, it has experimental support for another 160+ languages.
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Security is our top priority. Parseur uses advanced encryption standards to protect your data. We adhere to strict data privacy regulations and implement best practices to ensure your legal information is secure and confidential.
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Definitely! Parseur can process thousands of documents within minutes.
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You can review our pricing plans here.
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