Leveraging AI to Supercharge a Regulatory Review

Abstract

BRG’s Global Applied Technology (GAT) team helped a mortgage company overcome a challenge of reviewing over 7,300 mortgages for compliance with forbearance rules. The team integrated computer vision technology and BRG’s Symphony platform to expedite the evaluation process and reduce costs by $1.6 million.

BRG Impact

A leading mortgage company faced a significant challenge after an oversight in applying rules around forbearance denials for customers with public assistance on their financial reports. The company had initially contracted BRG to perform a lookback review of over 7,300 mortgages using manual reviewers. However, this approach proved inefficient and costly.

To address this issue, the GAT team was engaged to integrate computer vision technology with the Symphony work queue and testing platform. This innovative solution aimed at expediting the evaluation process and categorizing mortgages for more efficient review. Advanced optical character recognition (OCR) and machine learning were employed to segment the population, enabling the rapid evaluation of millions of pages of mortgage documents in under three days.

The Symphony analytics platform was instrumental in managing both computer vision bots and manual testing processes efficiently. It facilitated work queue management, document management for sampling, population review, and tracking pages with proposed disposition.

As a result of implementing this technology-enabled solution, the mortgage company not only got back on schedule but also realized an estimated savings of $1.6 million compared to continuing with manual reviews. The integration of advanced technologies proved pivotal in enhancing efficiency while reducing operational costs significantly.