How to Improve Mortgage Processing
The crush of loan applications that have swamped the mortgage industry will not abate any time soon. Historically low mortgage rates, combined with the pandemic’s ongoing pressure on household finances, are driving more borrowers to refinance their home loans. This year, we expect an explosion of new home purchases as the pent-up buyer demand is released and sellers have more confidence to put their homes on the market. What does this mean for mortgage loan providers?
When mortgage rates hit a new low, lenders know they will soon be inundated by a deluge of new loan applications. It’s not the application volume that worries a lender. Initial loan approval is often the fastest and easiest part, thanks to online processes. But while much has been done to dramatically improve the customer experience with online portals that allow simple submission of required information including document capture via smart phones, the hard part comes next.
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.
This guide addresses the challenges faced by legacy OCR and RPA and then focuses on how Cognitive Capture Software (CCS) addresses and overcomes these challenges.
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.
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 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