Kofax has introduced Mortgage Agility, which allows borrowers to upload mortgage application data though mobile devices, then extracts that information and assembles it into a complete mortgage application package that integrates directly into loan origination systems.
“Kofax’s solutions are extremely intelligent and will be instrumental in delivering a new wave of business-critical information to the all-important First Mile of decision making,” said Eric Egenhoefer, president and CEO of Waterstone Mortgage Corporation in Milwaukee. “It’s a game changer for our business.”
According to the company, Mortgage Agility makes the application process less frustrating and more convenient for customers and provides lenders with a faster way to close quality loans at a lower cost, saving both time and money. It improves communication between borrowers and lenders, giving borrowers the ability to track the progress of their application.
The solution will further help lenders to “better serve customers, gain efficiencies, improve quality and comply with new regulations,” said Grant Johnson, chief marketing officer at Kofax.
“By getting the application data right in the First Mile of the process, there is a bigger payoff for both the borrower and the lender,” Johnson said.
Mortgage Agility uses the Mobile Capture platform the company introduced earlier this year to extract mortgage data from pictures that are uploaded by borrowers. Mobile Capture won the Elegant Implementation award category for the 2014 HW TECH100, announced in HousingWire’s March issue, recognizing the housing economy’s most innovative technology companies.