Axis AI Implementation Enables Meridian Title to Automate Plant Operations

July 14, 2015

Axis Technical Group, a business software developer and IT advisor, announced the implementation of its data extraction software at Meridian Title

The Axis AI Advanced Document Classification and Data Extraction software is utilized for the extraction of document index information from a variety of mortgage and public recorded land records related documents used in title plant operations.

Traditionally, Meridian had tasked the extraction of key data fields from the land records to a manual key-from-image service. The challenge with this manual solution was slow processing and turnaround times, often prone to errors and, therefore, a significant percentage of the information required manual, labor-intensive correction from internal teams. Much of the operational cost of doing business was tied up having staff key and correct information from title documents.

By implementing Axis AI to automate their data acquisition from complex documents regarding the chain of title, Meridian Title CEO Mark Myers said his staff now can spend more timing focusing their expertise on examining the data, not manually keying the content.

“Unfortunately, the sad reality of this aspect of our business is that over time we’ve lost many of the people that were trained, knowledgeable and experienced in this area of our industry,” he said. “We’re counting on Axis AI to bridge the gap between the group we have left and continued need to develop our plants and their databases accurately on a daily basis”.

Extracting unstructured data such as, the highly variable, full legal description or grantor/grantee with the vesting information from unstructured documents like deeds and mortgage-related documents is a costly and time-consuming process, especially when a company relies on hundreds of thousands—or even millions—of these documents to do business.

Axis AI uses proprietary algorithms, including those used to perform Natural Language Processing (NLP), to read and extract data from sentences, paragraphs or entire pages written in natural English.

“This is really going to drive down our operational costs by allowing us to use fewer people at the data entry level and ultimately at the verification level too,” Myers said. “In addition to the benefits going forward, the system also has the ability to take stale data and have it converted into the new system.”

Greg Lovett, CEO of Axis Technical Group, said the subscription-based software gives companies with smaller budgets, IT departments and supporting staff access to solutions previously only available to large corporations.

“As a hosted service, midsize companies like Meridian can now utilize the technology without having to maintain the accompanying IT infrastructure and staffing requirements,” he added. “This is a true differentiator as it levels the playing field for the regional title plants.”

Contact ALTA at 202-296-3671 or [email protected].