Posts that centralize around data and document processing for the mortgage industry. Includes specifics such as automated data extraction, document recognition, classification, versioning, data validation, OCR, Capture 2.0 and more.
When we launched LoanLogics® IDEA OnDemand back in April, we knew it was a tool primed to transform loan production. This became increasingly clear, as we watched volumes shoot through the roof this summer. We saw how manpower alone could not efficiently manage the mushrooming mortgage document processing workload. Over the last few months while talking with lenders about the…
Especially now when loan officers, processors and underwriters are slammed with volume, borrowers can become easily frustrated with a mortgage origination experience that is primarily driven by peoplepower. The manual classification of documents and extraction of data from them for entry into other systems can be the first weak link in a chain that causes errors. It makes for a…
The mortgage industry has been fortunate in that we have not experienced the intense layoffs occurring in so many other industries. However, even with a healthy staff, the volume that we are seeing right now, coupled with the work from home distractions, lenders are having challenges scaling and meeting borrower needs in a timely manner. Lender mortgage pipelines are…
Yesterday, LoanLogics announced a new product to the mortgage industry, LoanLogics® IDEA™ OnDemand. It has been designed to bring superior accessibility, automation, accuracy and price performance to inline doc processing during loan production. This innovative capability takes our decade of doc processing services and technology experience and delivers it in the form of a turnkey, cloud-native digital assistant. As…
Even with all the fintech advancements that have been introduced to improve the borrower experience, we are still far from “push button, get mortgage.” On the front lines of lending, loan officers (LOs) would likely agree that one area of mortgage origination that still stands to benefit from more automation is document processing. The sheer volume of both documents and…
The idiom, “it all comes out in the wash”, according to one of two Merriam Webster definitions, is used to say that the truth will be known in the future. The same can be said about what will come out in an effective loan quality management process. Pre close reviews can be thought of as “pretreatment” of loan file data…
