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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 the person spearheading the launch internally, I can tell you that everyone across the LoanLogics organization is excited and proud of the collective effort to bring this product to market. We’re even more excited and proud of the immediate value IDEA OnDemand is going to bring to mortgage loan production that has been struggling with costly, labor-intensive people powered processes.
For one, you can get up and running within days. Gone are the days of long IT implementations and complicated configurations. As a digital assistant, IDEA OnDemand is easily accessible via secure website to begin uploading your documents for processing the same day access credentials are granted! Your team can also build API connections to other technologies to further streamline your processes. Naming conventions are ours or yours. The application doesn’t require much training and guides users with a simple color-coded workflow. It also has flexible industry standard outputs so that data extractions can be immediately loaded into most mortgage systems. Talk about value in an instant!
Automation does the heavy lifting. It’s common in the industry for lenders to become the trainers for vendor’s emerging technology. Loan origination is certainly time sensitive work and can’t wait weeks or months for the technology to live up to it’s potential. Because LoanLogics technology has been trained with hundreds of millions of documents (over 600M to be exact) during our lengthy mortgage tenure, our automation is fully trained “out of the box.” No need to train on your time or your dime to recognize the mortgage docs important to your business. With upwards of 95% accuracy on many critical documents and data elements, staff can be redeployed to focus on managing exceptions. Users just upload their documents and let the system do the bulk of the work to get the data needed to move the origination process along.
LoanLogics CEO, Bill Neville, was quoted in the product’s press release saying, “With IDEA OnDemand, it’s never been easier for lenders to access machine learning technology to accelerate the origination process.”
It’s priced for performance. Doc processing when primarily handled by staff collecting documents from borrowers, waiting for a more complete stack before submitting to processors, and hand-keying data needed for underwriting takes time and money. This was previously discussed in more detail in another recent blog post. Leveraging advance machine learning automation and data extraction technologies, with fast ramp up, can drastically reduce costs for originators and improve borrower satisfaction along with it. We’re even offering a free Try Before You Buy program so you can witness the immediate value and superior performance for yourself
Ben Franklin famously said, “Don’t put off until tomorrow what you can do today.” With LoanLogics IDEA OnDemand loan originators can do just that…. easily process documents in-line and in real-time, today.
Read more about the benefits of LoanLogics IDEA OnDemand on our website.
