System and method for stipulation collection using a short message service (SMS) and mobile device cameras with real-time analysis of documents

A system comprising:

• a data processor;
• a network interface, in data communication with the data processor, for communication on a data network;
• and
• a stipulation facilitation system, executable by the data processor, to:
• establish, by use of the data processor and the data network, a data connection with at least one dealer/lender platform and at least one applicant platform;
• receive a transaction application corresponding to a transaction for a particular applicant from the dealer/lender platform via the data network, the transaction application identifying a list of stipulation documents required from the particular applicant at the applicant platform;
• generate a link to the transaction application received from the dealer/lender platform and send the link to the dealer/lender platform;
• transmit the transaction application with the list of required stipulation documents as a Short Message Service (SMS) message to a mobile device of the particular applicant at the applicant platform;
• receive an upload of the required stipulation documents from the applicant platform via the data network, the uploaded stipulation documents including at least one stipulation document image captured with a camera of the mobile device of the particular applicant;
• perform stipulation document analysis and verification operations on the uploaded stipulation documents, the analysis and verification operations including optical character recognition and the application of one or more machine learning models;
• transmit at least one link of a verified stipulation document to the dealer/lender platform;
• and
• transmit an error message to the particular applicant at the applicant platform if a stipulation document cannot be verified.

A non-transitory machine-readable storage medium embodying instructions which, when executed by a machine, cause the machine to:

• establish, by use of a data processor and a data network, a data connection with at least one dealer/lender platform and at least one applicant platform;
• receive a transaction application corresponding to a transaction for a particular applicant from the dealer/lender platform via the data network, the transaction application identifying a list of stipulation documents required from the particular applicant at the applicant platform;
• generate a link to the transaction application received from the dealer/lender platform and send the link to the dealer/lender platform;
• transmit the transaction application with the list of required stipulation documents as a Short Message Service (SMS) message to a mobile device of the particular applicant at the applicant platform;
• receive an upload of the required stipulation documents from the applicant platform via the data network, the uploaded stipulation documents including at least one stipulation document image captured with a camera of the mobile device of the particular applicant;
• perform stipulation document analysis and verification operations on the uploaded stipulation documents, the analysis and verification operations including optical character recognition and the application of one or more machine learning models;
• transmit at least one link of a verified stipulation document to the dealer/lender platform;
• and
• transmit an error message to the particular applicant at the applicant platform if a stipulation document cannot be verified.