Document Automation for Loan Origination
It’s got to start somewhere and that’s with anywhere between 20 and several hundred documents that your team has to receive, organize, and then review.
Whether the processes involve parsing through hundreds of residential loan documentation or they are in service of commercial lending document preparation and review, the processes are costly and error-prone.
The ability to automate intake alone can save your organization thousands of hours each year but that is only the starting point. The ability to review key customer data across documents to ensure accuracy is essential but also time-consuming and error-prone. Let Parascript’s pre-built document classification and data verification capabilities free your staff’s time to tend to the essential, high-value activities.
Key Processes Covered by Parascript
Document Intake & Verification
Automate identification of each submitted document and cross-check and verify key data.
Easily identify submitted appraisals and quickly parse the results to ensure data is compliant with the terms of the loan amount.
Ensure all required documentation exists and is signed and initialed by the correct borrowers.
Quickly parse key documentation to ensure that the loan parameters are compliant.
Document Automation for Commercial Loan Servicing
If only closed loans meant you could focus on securing new business. But there are all those complex servicing requirements that eat away at staff time that impact the ability to win new business. A lot of that time and effort involves very complex documentation review and coordination between multiple different entities.
With Parascript document automation, these processes can go from days to hours and even minutes with automation not only including handing document review but also coordinating the preparation of key documents sent to 3rd parties.
Covenant Compliance & Financial Reporting
Coordinate and accelerate the process of reviewing commercial loan contracts to identify key covenants that must be verified on an annual basis. Once located, the specific documents can be created and sent automatically.
Insurance Policy Review
Are policy renewals still in compliance with loan requirements? Quickly parse complex policy documents, regardless of format, and quickly verify coverage.
Property Inspection Reporting
Are properties adequately serviced according to loan requirements? Easily locate specific property condition requirements and generate inspection letters automatically.
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