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May 26, 2023 SortSpoke

How IDP is Solving Compliance Issues for Auto and Mortgage Lenders


In a survey conducted by Wolters Kluwer, 58% of lenders said keeping current with changing regulations consistently ranks as a top challenge.


One of the biggest challenges for automobile and mortgage lenders is trying to remain compliant with all of the new state and federal regulations.   

The combination of a dynamic regulatory environment and an increase in the volume, velocity, and variety of unstructured data sources is making it tougher for auto and mortgage lenders to keep up with all of these changes.  


As regulatory scrutiny increases, auto and mortgage lenders who rely on manual workflows to stay compliant have two choices:

  • Hire more staff 
  • Try to do more with less

Unfortunately, both of these scenarios are costly in the form of higher operating expenses, increased risk exposure, and potential fines due to data entry errors.  


Adapting to a Dynamic Regulatory Environment with IDP

When regulators introduce new guidelines, it adds another level of complexity to compliance workflows, especially if lenders use paper-based and manual processes.

This is why some lenders are turning to AI/ML solutions like Intelligent Document Processing (IDP) to augment their compliance staff.  One of the benefits of IDP is its ability to quickly process and extract information from thousands of documents in a scalable and consistent manner.

SortSpoke’s IDP platform uses a combination of proprietary AI/ML Models + Humans in the Loop to extract information from highly varied and complex unstructured documents with 100% data accuracy. 

Whether it’s the Truth in Lending Act (TILA), Fair Credit Reporting Act (FCRA), Home Mortgage Disclosure Act (HMDA), etc., SortSpoke can be customized to lenders' unique data extraction needs and workflows. 


All you need to do to get up and running with SortSpoke is to upload your documents into our platform.  SortSpoke will then take the feedback of your subject matter experts (i.e. compliance staff) on how to read and interpret complex documents. 

Our models will start making recommendations within a short amount of time (30 - 40 documents), and should be fully trained after a few days depending on the use case.  In addition, SortSpoke will also structure your data (Excel or JSON file), so it can be imported into in-house or third-party systems.   

What are the benefits?

  • Create audit trails and capture higher-quality data for compliance reporting
  • Recruit and retain staff by eliminating manual and redundant processes
  • No technical resources or templates required 
  • Increase document processing speed by

    4x - 10x