Within the branches of title, mortgage, and legal industries Ephesoft has improved processes that involve procedures like mortgage processing, mortgage loan due diligence, and settlement services. Ephesoft Transact provides a solution for document classification and data extraction using scanning, indexing, OCR, ICR, OMR and advanced capture technologies.
Mortgage Processing Document Classification
Mortgage loan document capture involves two main steps, document classification and then data extraction. With some loans exceeding 500 pages and over 100 document types, a manual organization of these papers is typically time-consuming and labor intensive. Ephesoft can identify, classify and organize loans faster and more accurately than any human. We have customer examples of this automated processing at over 20x the speed of manual human classification. Many competitive software solutions require barcode separator sheets used for document identification to be manually inserted into a mortgage package before scanning. This slow, manual process is not necessary with Ephesoft, which handles the entire loan efficiently and quickly without this extra step.
The key to a loan is the data held within the documents. Manual data entry from these documents is slow, error prone and expensive. Ephesoft’s mortgage data extraction can identify, extract and validate hundreds of key fields within a package in a fraction of the time and cost of manual data entry. During loan classification and data extraction, validation is available for documents that hit a low confidence threshold. If any documents or data fields are questionable, a human can interface with the process and either validate, correct or append any questionable automation results. Extracted data can easily be normalized and sent to your Loan Origination System, allowing endless data population and validation options.