The mortgage industry in the U.S. is one of the largest yet most antiquated industries still heavily reliant on humans for all types of mundane, repetitive tasks. This is not only inefficient but also leaves these tasks exposed to human error rates as high as 4%. With a huge number of documents, forms, and compliance directives that need to be accurately handled alongside intensive knowledge-based expertise from their employees its becoming more transparent there are better solutions for these repetitive tasks. Not only is it difficult to manage large workforces, but it also puts humans at risk of downsizing during slow times, such as in the current post-pandemic inflationary crisis.
By integrating disruptive technologies such as AI and ML into mortgage workflows, companies can benefit hugely in terms of reducing employees’ administrative workload and freeing them up to use their knowledge, skills, and expertise to better serve customers instead of worrying over mundane tasks such as document classification and data extraction.
Founded in 2021, ArmorDoc, Inc is a leading data science company combines Machine Learning with serverless cloud computing to classify/organize, extract data and identify stamps and signatures from sizable electronic mortgage loan packages one loan at a time or in very large bulk quantities. to quickly solve the problems of identifying missing documents, data integrity and identifying the “final/recorded” versions of documents at scale with accuracy and speed. This allows clients to focus on originating, purchasing, and servicing more loans with less pain. Everything ArmorDoc does is focused on removing the pain out of dealing with large quantities of mortgage documents/loan packages.
Born to Simplify & Disrupt
ArmorDoc is the brainchild of Founder and CEO Mike Hartman, a mortgage industry veteran. Having previously worked at Lehman Brothers and JP Morgan pre-financial crisis and at financial service and technology companies post-crisis, Mike’s work was primarily focused on the quality of mortgage documents and data. Like him, other industry peers were also frustrated over the laborious process of document indexing and data extraction for a wide variety of mortgage documents. For someone who was and continues to be passionate about leveraging technology and challenging the decades-old status quo, Mike decided to take matters into his own hands and launched ArmorDoc.
As any new entrant into an industry, ArmorDoc invests in a lot of test cases and proof of concepts to prove the value of its solution with the confidence to enter into a champion challenge with any other existing provider of the same services. But being always open to challenges, ArmorDoc continues to stand its ground and empower clients with its remarkable services. Moreover, ArmorDoc’s technology is designed to perform “real-time” demos with never-before-seen documents providing complete transparency in its capabilities compared to those which “clean up” results post-processing.
What Sets ArmorDoc Apart from the Others?
After researching existing service providers offering solutions to address document indexing and data extraction, Mike realized the existing solutions mostly leveraged OCR with a rules-driven approach which breaks down quickly with unstructured documents and requires human clean-up post-processing. ArmorDoc is attacking these with a truly automated approach. Its core differentiator is leveraging the latest technologies in machine learning and cloud computing, allowing for the flexibility and scalability required to process unstructured documents in large volumes without any human intervention in their client deliverables. As a result, ArmorDoc’s partners benefit from fast, accurate, and scalable services while being cost-efficient.
A myth ArmorDoc is continuously proving to be incorrect is it is unattainable to achieve the accuracy levels without any human intervention. This is simply not the case. ArmorDoc is achieving greater than 97.5% accuracy versus human intervened results which on average have anywhere from a 1%-4% error rate. Not only is ArmorDoc able to achieve higher accuracy in their results but are also able to provide results 5x faster than human solutions making it a win-win for their clients.
Mike’s goal for ArmorDoc is to be the mortgage industry’s leading provider for document indexing, data extraction, and stamp/signature recognition models. “Unlike our competition, we wake up all day/every day focusing on three things and three things only,” states Mike. “Our mission is to be the mortgage industry’s number one provider of these three services, which allows us to remain laser-focused.”
Delivering Exceptional Customer Service Created for the Primary and Secondary Residential Mortgage Market, ArmorDoc’s clientele base includes Banks, Custodians, Hedge Funds, Investment Banks, Lenders/Originators, Asset Managers, and Sub/Master-Servicers. In addition, other service providers have seen the value in leveraging ArmorDoc’s document solutions to improve their own downstream workflows improving efficiencies in their own deliverables to the same client base.
To cite an example of taking customer service to the next level, the team of ArmorDoc converted their pilot client, a very large mortgage fund, into a revenue-producing client and an equity partner. Recently, with a slowdown in mortgage originations, ArmorDoc has been focused on working with mortgage Servicers and Sub-Servicers, leveraging ArmorDoc’s services for the acquisition and onboarding of mortgage servicing rights (MSRs) and with reverse mortgage participants streamlining the HUD Assignment process.
Workplace Culture Built Around Collaboration, Communication, & Cohesiveness
ArmorDoc has a US-based distributed workforce utilizing the latest communication tools such as Slack to maintain open communication and collaboration. This allows ArmorDoc to recruit top talent nationwide and allows employees the freedom to live wherever they want, as the focus is on execution, not facetime. Moreover, ArmorDoc’s culture is built around collaboration, communication, and cohesiveness while ensuring all employees are empowered through the autonomy of executing without the need of micromanagement. The company has also adopted a 4.5-day work week unless client deadlines need to be met to avoid burnout. As a result, ArmorDoc’s employees continue to thrive in this environment which seems to be the new trend in working.
Reaching Customers through Social Media
As a B2B company, ArmorDoc’s most powerful social media tool to reach its prospective client base has been LinkedIn. In addition, the company has benefited from the word-of-mouth referrals and the solid network that ArmorDoc’s Founder & CEO, Mike, has built in the mortgage industry for the last 15+ years.
A Roadmap to the Future
ArmorDoc’s current focus remains on its three core competencies: document indexing, data extraction, and stamp/signature recognition for mortgage documents. As for the future, ArmorDoc plans to expand its service offerings through continued strategic partnerships and, even possibly, joint ventures.
For More Info: https://www.armordoc.com/