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Mortgage Industry Benefits from Intelligent Data Capture and Automation

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Mortgage lenders can benefit from a document management solution with intelligent data capture and workflow automation.  Intelligent data capture can quickly and accurately capture and file all forms of documents – including everything from applications, credit reports, legal documents, to employment verification forms.  A medium size mortgage company can handle 50 to 150 closings per week with loan transactions that can generate 5,000 to 15,000 pages per week. This huge volume of documents quickly taxes the company’s resources. The ability to quickly file and convert all types of mortgage documents into usable electronic documents greatly reduces this paper burden and allows mortgage bankers to better manage the information as it moves electronically throughout the organization.

Mortgage lenders require tailored document management solutions allowing them to electronically scan related documents to loan packages and instantly route the files throughout the company for review and approval. The auditing, document tracking and workflow capabilities of document management systems allow organizations to monitor and control workflows as documents move between mortgage representatives and departments during the approval process. Faster and more efficient processes allow customers to receive their loan approvals faster and ultimately result in greater customer satisfaction.  Security and audit features ensure personal data can only be seen by authorized users and all actions are tracked.

Workflow automation along with optical character recognition (OCR) technology provides organizations a more flexible, structured method for electronically filing – consistently and intelligently. Users can create a series of as categories and steps for filing documents to reduce tedious, costly manual entry of data.  The real benefit of automated workflow  is that users can quickly, accurately and consistently electronically file hundreds to thousands of documents daily. When manual user input is needed, convenient drop-down lists, date selectors, and text or numeric prompts can be displayed to collect required data reducing clicks and keystrokes. Workflow can even be programmed to focus in on particular portions of a document that contain data. OCR can be utilized when clear, printed text is available to further reduce filing time. Individual zones may be read to file documents by specific keywords or numbers. The complete text of
a document can be read to allow full-text retrieval, for documents like contracts or agreements. In addition a loan package can be properly ordered to comply with stacking order requirements.

Key Benefits of Intelligent Data Capture and Automation

  1. Reduce time consuming manual data entry
  2. Increase data entry accuracy
  3. Ensure filing consistency
  4. Ensure fast and easy document retrieval
  5. Maintain workflow and user access audit trail
  6. Increase filing speed and volume

For more information on document management solutions that include intelligent data capture and workflow automation tailored for your organization contact PiF Technologies here.

 

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