Leading Private Mortgage Insurer Adopts Smart Capture to Automate Mortgage Portfolio Classification and Data Entry
Laguna Hills, CA., March 15, 2016 – Ephesoft Inc., creators of the industry-leading Smart Capture® advanced document capture platform, announced today that one of the nation’s largest private mortgage insurers has upgraded its investment in Ephesoft Transact after completing a successful pilot project in 2015. The annual contract for the live production advanced capture solution is valued at over $1M.
The Private Mortgage Insurance (PMI) sector is growing rapidly as the overall US housing market has recovered from the mortgage crisis of the past decade. Over those years, lenders and insurers alike have identified the need for better access to the information that is trapped in the hundreds of pages that make up each mortgage portfolio.
For the pilot project, the private mortgage insurer worked with Ephesoft Transact running on Amazon Web Services (AWS) and fully integrated with the company’s Salesforce.com customer relationship management (CRM) instance.
“Our thin client, cloud infrastructure makes for a completely scalable environment, which was important for this customer,” explains David Talarico, Executive Vice President Sales, Americas for Ephesoft. “Mortgage volumes can change hourly. With Ephesoft running on AWS, there is no restriction on throughput and the company is not paying for unused peak capacity when it has sporadic peak document processing times.”
Much of the industry’s efforts at document automation, including eClosings and Document Imaging applications, have focused on the transactional value of documents. For the PMI sector, the transaction exists for as long as the lender’s insurance policy is in place—usually until the borrower approaches 22-25% equity in the mortgaged property. The requirement for rapid initial processing combined with the massive document volume made Ephesoft the ideal choice for processing complex, mortgage bundles.
Ephesoft, Inc. delivers our exclusive Smart Capture® intelligent capture technology on premise or in a SaaS model. With a focus on efficiency and reliability, Ephesoft has crafted the next generation of intelligent document capture in a simple and cost-effective application. Our superior classification technology allows organizations to automate and streamline mailroom processing and other document-based business processes. Ephesoft is headquartered in Laguna Hills, California, with regional offices throughout the US. The company is undergoing rapid growth and has customers in over 30 countries. To learn more, visit http://www.ephesoft.com.
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