Release Notes on November 15, 2023

This release is focused on improving the integration of Amazon Textract, a third party API that enables extracting text and structured data from document images. We began the integration process earlier in the year and significantly expanded its application in this release after rigorous testing.

Textract is now available for both consumer and business loan applications.  It can be applied for authenticating ID and personal information as well as for extracting analytical data from a variety of tax forms. If you have not signed up for this new tool but are interested in using it to simplify your customers' application process and improve your underwriting efficiency, please contact me. 

Consumer and Small Business User Portal

New User Experience in Uploading Documents Enabled by Textract

Upon clicking the green "Next" button on the "Upload" page, the user will be presented with the information extracted from the uploaded documents as shown below.  User will be asked to confirm or correct the extracted info by clicking the "Next" button on this pop-up.  The data will be saved after the confirmation. If the image quality of the uploaded document is too poor, the user will be given the option to upload the document again or manually enter the data.  

The accuracy rate in extracting personal data from standard Driver's Licenses or US Passports was above 99%, and the accuracy rate in extracting data from tax forms was 98% during our testing.

Institutional User Portal

New User Experience in Underwriting Enabled by Textract

The Business Financials page is automatically populated with data extracted from the applicant's uploaded tax form. The DSCR calculation and financial projection is automated, and the underwriter or loan officer has the option to adjust or modify a single number or an entire line item before refreshing the calculation.