Mortgage Note - Document Skill (Preview)

Extract data from Mortgage Note documents — loan terms, monthly payments, interest rate, and late-payment penalties — signed at US mortgage closing.

The Mortgage Note skill is currently available in Preview.

The Mortgage Note skill extracts data from Mortgage Note documents — the legal documents signed at mortgage closing that capture the loan terms, monthly payment amount, interest rate, late-payment penalties, and other details.

The Mortgage Note skill is a preview skill. It has been trained on a limited set of documents and is designed to help you quickly get started with processing mortgage notes.

The Mortgage Note skill cannot be trained on additional documents.

The Mortgage Note skill recognizes handwritten text. This option is enabled by default. If you do not import handwritten forms, disable the Handwritten option in the skill settings.

Countries and Languages

Countries	Languages
USA	English

Extracted Fields

Borrower’s Information

Field	Description
Name	The legal name of the individual(s) or entity borrowing the money. All borrowers are typically held equally responsible for repaying the loan.
Signature	The signature of the borrower(s).

Mortgage Information

Field	Description
Principal	The initial sum of money borrowed from the lender.
Yearly Interest Rate	The annual percentage rate (APR) charged on the loan. It is the cost of borrowing the money, expressed as a percentage. This rate can be fixed for the life of the loan or adjustable, depending on the type of mortgage.
Change Date of Interest Date	This field is relevant for adjustable-rate mortgages (ARMs). It specifies the date when the initial fixed interest rate is scheduled to change to a variable rate.
Period of Possible Interest Rate Change (in months)	For ARMs, this field indicates how often the interest rate will adjust after the initial fixed-rate period. For example, a 5/1 ARM has a fixed rate for five years, and then the rate can adjust annually (every 12 months).
Starting Date of Monthly Payment	The date on which the first monthly mortgage payment is due.
All Pages Are Present	Indicates whether all numbered pages are present in the document. For example, all five pages of a 5-page document are deemed to be present if the document contains pages numbered as 1 of 5, 2 of 5, 3 of 5, 4 of 5, and 5 of 5.

Key Fields

• Borrower info/Name
• Starting Date of Monthly Payments

Validation Rules

Rule	Description
Rule To Copy Borrower Name	If the Borrower Info/Name field is blank, Vantage copies the name from the AuxPerSignature field to the Borrower Info/Name field if certain conditions are met.
Clean Period of Possible Interest Rate Change	Checks if the Period of Possible Interest Rate Change (in months) field has a value, and if it does, it removes any “th” characters from that value. For example, if the field’s value was “12th,” the rule would change it to “12.”