How to Improve Mortgage Processing

Loan file review is the most critical stage of the loan process. A single mortgage loan file can contain over 100 diverse loan forms and documents. This is an incredibly labor-intensive process prone to human and software errors. If anything goes wrong at this stage, the rest of your business is affected. To automate the process, some companies have deployed OCR (Optical Character Recognition) or RPA (Robotic Process Automation) software, but the results have not been acceptable.

How efficiently does your current OCR or capture system process a loan file? How automated is this step? Are you still seeing too many exceptions and human interventions that cause delays? Does your OCR solution continually miss data that is essential for compliance?

National Mortgage Professionals' guide

Experts agree that OCR is an important part of the modern loan process, but legacy OCR solutions can’t keep up with the latest advancements in artificial intelligence and machine learning. If automating your mortgage loan file review and approval process is the key to success, and the ultimate goal is Straight-Through Processing (STP) with minimal human intervention, you need to upgrade to the latest advanced tools.

This eBook addresses the challenges faced by legacy OCR and RPA and then focuses on how Cognitive Capture Software (CCS) addresses and overcomes these challenges.

DOWNLOAD EBOOK:

Mortgage Automation for Document Classification, Data Location, Extraction & Validation

Parascript offers the best mortgage automation software built for enterprises that have high-volume, complex mortgage document processing needs.

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Dynamic Classification

Automatically organize your documents to support compliance, discovery and data management.

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Auto-Configuration

FormXtra.AI Smart Learning, auto-configuration software delivers the highest accuracy and straight through processing.

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Extensive Data Extraction

Capture data from anywhere on the document, eliminating manual data entry and reducing costs.

Mortgage Document Processing

Parascript Smart Learning offers highly adaptive, reliable automation without the typical cost or complexity. Discreet machine learning algorithms are expertly applied to automate document classification, data extraction and content analytics tasks. Our software auto-configures and runs in production with the best accuracy in the industry:

  • Significant, proven ROI
  • Requires no specialized skills
  • Adapts to new loan documents on-the-fly

  • Enable Customers to Self-Serve

    Enable customers to upload multiple documents at a time and automate the identification of each document instantaneously

  • Locate and Verify Key Data

    Locate and verify key data within each document and automatically populate resulting information into key systems

  • Automate Compliance

    Automate compliance such as locating key unstructured information including notary stamps and signatures as well as record results in your records

  • Achieve Higher Performance

    Achieve higher performance, accuracy and automation without the typical investment in time and skills

  • Extract Unstructured Handwriting

    Automatically locates and extracts handwritten keywords

  • Leverage Dynamic Signature Matching

    Locates, verifies & matches signatures