CIOReview | | 19 NOVEMBER 2021Being someone who has dealt with these laborious, antiquated processes, Mike Hartman, founder and CEO, launched ArmorDoc in 2021, combining machine learning with serverless cloud solutions to automate the process of document classification and data extraction for forward, as well as, reverse mortgage documents."Spending the past 15+ years dealing with these issues without any viable solutions along with feedback from prospective clients were enough for me to launch ArmorDoc. Our clients are the ones with a vendor having sold them vaporware or those clients who have attempted to build an in-house solution. I've made a conscious decision for ArmorDoc to remain laser-focused on solving document problems and let others focus on what they do best," says Hartman.ArmorDoc is a leading data science company leveraging the power of machine learning to solve document classification, data extraction, and stamp/signature recognition problems. The company's superior, flexible and scalable AI converts clients' mortgage documents ranging from hundreds to millions of pages into usable data at scale.To do this, ArmorDoc combines machine learning with serverless cloud solutions to classify, organize, and extract data from large electronic mortgage documents with speed and accuracy, making it ideal for processing at scale.With this unique approach, ArmorDoc's findings get fedback into the machine learning process to improve the accuracy of its automated models. The solution's ability to provide 99 percent accuracy in document classification and 97.5 percent accuracy in data extraction eliminate the need for manually manipulating the results prior to delivering them to clients. As a result, the company can expedite results back to its clients quickly, resulting in an 80 percent reduction inprocessing timelines, 90 percent reduction in post-closing trailing documents, and a 50 percent increase in cost efficiency all while achieving 95+% accuracy.Designed to address the modern-day requirements of the mortgage industry, ArmorDoc runs every page of a PDF document through its pipeline which is comprised of a comprehensive seven-step process. This is ideal, as mortgage documents can be uploaded in large volumes with some having many as 15,000 pages. It also comes with an imagerotation model that rotates images to their correct orientation, given the possibilities for sideways and upside-down pages in mortgage documents."Our proprietary AI solution is a value-added alternative to the decades-old status quo in document processing--OCR--which results in high inaccuracy and large postprocessing QA effort by a group of humans, mostly offshore," states Hartman.Illustrating ArmorDoc's value proposition is its collaboration with a client which was purchasing a portfolio (~140,000) mortgages from a counterparty. Without ArmorDoc's offerings, the client had no insight into the quality of documents prior to the trade closing. The client would have spent months alleviating post-closing complexities.ArmorDoc alleviated most of the post-closing pain which currently exists today, allowing both parties to focus on future opportunities, instead of being bogged down by previously closed trades.In another instance, ArmorDoc engaged with an origination company, integrating its solutions into their workflow to automate their pre- and post-origination QA process. The company was able to alleviate the need for the client to ramp up and scale resources, allowing the workforce to leverage their skills on making important underwriting andrisk management decisions, instead of clicking through PDF files.These success stories are a testament to ArmorDoc's core focus on document classification, data extraction, and stamp/ signature recognition, while its competitors consider this an add-on or additional service. Its ability and willingness to take part in champion challenges and perform live demos with never seen before PDF files provided by clients at the time of the demo is also a key differentiator of ArmorDoc.With all these capabilities, ArmorDoc is building a unique niche in the mortgage industry for large bulk transactions or in creating workflows via API integrations with existing service providers catering to the same client base. Our proprietary AI solution is a value-added alternative to thedecades-old status quo in document processing--OCR--that results in high inaccuracy and large postprocessingQA effort by a group of humans, mostly offshore
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