Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Hundreds of documents are generated for each loan application. To over come this issue and reduce the paper usage, lenders should automate their document processing. Automated Document Processing allows organizations to reduce time spent manually processing these documents, enabling organizations to approve these loans faster.
Let’s learn about Automated Document Processing.
Automated Document Processing
- It is also known as “Intelligent Document Processing”.
- Intelligent document processing is the next generation of automation, able to capture, extract, and process data from a variety of document formats.
- It uses AI technologies such as natural language processing (NLP), Computer Vision, deep learning and machine learning (ML) to classify, categorize, and extract relevant information, and validate the extracted data.
- Automated Document Processing significantly enhances the lending process and enables financial institutions to do away with manual processing by routing forms and data automatically, reducing the complexity of processing applications, decreasing potential errors, and ensuring customers receive the best experience possible.
Benefits of Automated Document Processing
- Automation workflows require no human intervention for reviewing data and there are no chances for data redundancy.
- Lenders can use Loss Origination Systems (LOS) and Data Analytics to spot, prevent, and identify cases of mortgage frauds.
- It helps in Enhancing customer experience.
- Zero errors and improved accuracy.
- It helps in closing of loans at faster rate.
Top 5 Mortgage Automated Document Processing Software
There are multiple Automated Document Processing Software available in the market when it comes to document management software for mortgage processes. Lets take a look at some of those with their features.
- SharePoint empowers teamwork with dynamic and productive team sites for every project team, department, and division. Share files, data, news, and resources.
- It allows for customization, which makes it easy for users to organize extensive mortgage documents as per their needs. SharePoint offers a flexible platform to manage, collaborate, create, and edit documents.
- Docmagic is one of the best document management software for the mortgage industry.
- It streamlines all the processes more effectively. It provides one-click access to all the documents.
- A single system of record automatically evaluates critical transaction information at all phases of the mortgage lifecycle to ensure accuracy end to end.
- Qualia Post pairs automation and a dedicated service team for mortgage lenders to take the hassle out of document fulfilment.
- Title agents, lenders, real estate agents, buyers, sellers, and vendors all connect on Qualia to collaborate on the closing experience with secure document exchange, messaging, information requests, and real-time automated updates on closing milestones.
- M-Files provides a next generation intelligent document management platform that improves business performance by helping people find and use information more effectively.
- Improves workflow, increases information reuse, eliminates redundancy, securely control content, and avoid conflicts and data loss all in a single, intuitive document management solution that integrates with Windows Explorer.
- FileInvite automates the process of collecting client information in document-heavy workflows.
- It helps in creating a seamless digital experience with clients.
Looking for more information on integrating Encompass 360 or need help in with Automated Document Processing, leave us a message.
Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.
