Pennymac scales document processing with AWS | Amazon Web Services

Key Takeaways

Penny is a large mortgage lender and serer. We've served over 5 million different customers and we get over 2.6 million documents ingested into our company per month. And at that number, we have to have a way to be able to scale and use automation in order to address that in a timely manner. One of the benefits of having a deep relationship with AWS is that they've been able to provide lots of help to our technologists in order to come up to speed more aggressively and they have been instrumental in providing us the resources and the training and the help in order to make it easier for us to leverage those components. We used Amazon Textract and we were able to call bedrock in order to boost our accuracy from the typical 70 to 80% for document data field extraction to over 99%. That combination gave us the confidence that people could accept us without human intervention or concern that it was making mistakes. Traditionally, we had to have more people as we had more loans and more documents. Now that we have this completely automated, we can scale the the system so it can run 24/7, which allows us to serve the customers in a more timely way. The amount of scale we've been able to achieve and then the cost reduction have been enormous unlocks for us.