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Rocket Close Speeds Up Mortgage Document Processing 15x with AWS AI

Rocket Close Speeds Up Mortgage Document Processing 15x with AWS AI

Revolutionizing Mortgage Documents with Generative AI

Detroit-based title and appraisal management company Rocket Close has achieved a remarkable breakthrough in document processing, transforming a previously manual and time-intensive workflow into an highly efficient automated system. Through a strategic partnership with the AWS Generative AI Innovation Center (GenAIIC), Rocket Close developed an intelligent document processing solution that is an impressive 15 times faster than their traditional manual methods, while maintaining a 90% overall accuracy. This innovative approach leverages the power of Amazon Textract for optical character recognition (OCR) and Amazon Bedrock for advanced foundation models (FMs), setting a new standard for efficiency in the mortgage industry.

The Challenge of Manual Processing at Scale

Rocket Close handles a massive volume of crucial documents daily. They process approximately 2,000 abstract package files, with each file averaging 75 pages. This means processing around 150,000 pages every single day! Historically, manually extracting information from these complex packages was a significant bottleneck, taking an average of 10 hours per package. This translated into an astounding 1,000 hours of manual processing effort daily, placing a heavy burden on resources and creating considerable workflow delays.

Abstract document packages are notorious for their complexity. They can contain 50-100 pages of various document types – including mortgage agreements, deeds, judgments, and tax liens – often with inconsistent formatting, varying quality, and complex structures. Accurately extracting critical information from these diverse documents, which include typed text, layouts, handwritten notes, tables, and signatures, presented a formidable challenge for automation.

An Intelligent Solution Powered by AWS

Recognizing the need for a scalable and accurate solution, Rocket Close collaborated with the AWS Generative AI Innovation Center. Together, they engineered a two-stage pipeline that automates the entire abstract package processing workflow.

The first stage utilizes Amazon Textract to convert document images into machine-readable text, effectively digitizing the vast amount of information. The extracted content is then prepared for the next stage, where Amazon Bedrock takes center stage. Amazon Bedrock, a fully managed service, provides a serverless and secure way to build and scale generative AI applications, offering a single API to access various leading FMs. Using these foundation models, the system performs comprehensive document analysis, classifying and segmenting documents with remarkable precision. It handles over 60 different document classes, including intricate mortgage, chain of title, judgment, and tax documents. Specialized prompts guide the FMs to accurately extract relevant data fields, which are then standardized into JSON format for seamless integration with other systems.

The result is a highly efficient solution capable of scaling to over 500,000 documents annually, drastically reducing processing times and enhancing data accuracy. To dive deeper into the technical implementation, you can explore the AWS Blog Post: Rocket Close Transforms Mortgage Document Processing with Amazon Bedrock and Amazon Textract.

Why This Matters for the AI Ecosystem

This case study from Rocket Close is a powerful example of how generative AI is transforming document-intensive industries. By leveraging services like Amazon Textract and Amazon Bedrock, companies can automate complex, previously manual tasks, leading to:

  • Significant Cost Savings: Reducing thousands of hours of manual labor translates directly into operational efficiencies.
  • Faster Service Delivery: Expedited document processing means quicker loan approvals and faster property transactions, directly benefiting customers.
  • Enhanced Accuracy and Compliance: Automating data extraction reduces human error, improving the reliability of critical information.
  • Scalability: The ability to process hundreds of thousands of documents annually allows businesses to grow without being bottlenecked by manual workflows.

This demonstrates the practical impact of generative AI in solving real-world business challenges, empowering organizations to streamline operations, improve service, and drive sustainable growth. For anyone involved in document processing or looking to apply AI to complex data challenges, Rocket Close's success offers valuable insights.

Read more: Explore the full story of this transformation and the technical details behind the solution on the AWS Blog Post.