Loan origination, underwriting, post-closing processes and loan documentation auditing all benefit from mortgage document automation. The problems associated with these processes are the same standard issues associated with any complex process that is core to a business: manually working with document-oriented data is slow, error-prone and costly. The higher the throughput required, the more staff are needed. However, this increases costs and can increase errors as well.
Faster, more-adaptive processes are the main focus of automation for any organization. Increasingly, this means applying automation to more complex, document-based information. One of the best examples of complex document-oriented processes is loan processing. Manual document processing can be fully automated with a high degree of precision using modern automation.
From simple loan applications to more complex appraisals and proof of assets documentation, mortgage documents represent one of the most difficult automation challenges. Analysis of the processing workflow has shown that the per-loan cost has increased over 300% due to the amount of paperwork required placed against the desire to make the loan process faster and more convenient.
Find out how to significantly reduce these costs while actually increasing classification and data extraction accuracy in this executive briefing.