Case Study: Pennymac achieves greater document automation and data accuracy with LoanLogics

PennyMac achieves 99% data extraction accuracy with LoanLogics

PennyMac, a major mortgage lender, sought technology to automate document classification and data extraction for its correspondent lending division back in 2011. The challenge was to find a solution that could process loan documents accurately, rapidly, and cost-effectively to enable faster funding and improve the seller experience. The vendor, LoanLogics, was selected to address this need.

LoanLogics implemented its IDEA® technology and services for PennyMac, streamlining document classification, versioning, and data extraction. The solution uses sophisticated machine learning, classifying over 660 document types and extracting over 10,000 data fields with 99% accuracy. As a result, LoanLogics has expanded its support across multiple PennyMac lending channels, providing automated data to fuel downstream systems and business outcomes.

PennyMac