Listening to the industry’s challenges around customer satisfaction due to slow loan processing times, Ephesoft developed a cloud solution that easily recognizes over 600 types of mortgage documents with cloud processing.
“Ephesoft Transact for Mortgage is the first SaaS cloud solution tailored for mortgage document processing which improves deployment time by 80% and dramatically accelerates processing time so lenders can boost customer satisfaction and reduce costs,” said Ike Kavas, CEO at Ephesoft.
The company used a patented, supervised machine learning technology, Ephesoft Transact, which ingests, classifies, extracts, validates and exports documents and data into any LOS system. The system automatically recognizes where each document starts and stops within large multi-file PDFs, splitting up individual document types. This eliminates the hefty professional service fees or internal IT investment required to manually categorize appraisals, lease agreements, tax returns and hundreds of other document types found in mortgage applications.
The key to manufacturing a zero-defect loan is often locked away in the data in 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.
Ephesoft Transact for Mortgage also determines which documents are needed to process loans and which are ancillary, such as the cover pages, blank pages and invoices often attached to the appraisal documents.
The platform does the heavy lifting, removing extraneous content and focusing on high-value documents that can be categorized into batches such as lease agreements, tax returns, loan applications and disclosures. Transact for Mortgage also primes relevant documents for data extraction and business insight providing customers with the option to apply Ephesoft’s patented supervised machine learning for broader use.
“Our customers have used Ephesoft’s technology to improve their mortgage document processes,” said Jane Christie, COO of eDocument Solutions. “Customers have reported accuracy reports of 90% or higher, loan processing time reduction of 92% and savings of over $100 per loan. The combination of accuracy, consistency and speed for mortgage documents impacts their bottom line and improves customer satisfaction and retention rates.”
Ephesoft’s customers also report that the ability to process documents using the technology is 20 times the speed of manual human classification. While similar software requires a lengthy and costly set-up process, Ephesoft Transact for Mortgage allows rapid deployment and continual learning with minimal user intervention.
“Ephesoft empowers mortgage lenders by providing the tools for closing loans faster with less manual effort, while pinpointing and eliminating process bottlenecks to yield higher data accuracy,” said Kavas.
Product: Ephesoft Transact for Mortgage
Snapshot: The Ephesoft Transact for Mortgage solution is a cloud-based modular platform pre-trained to recognize and classify more than 600 mortgage document types, dramatically accelerating processing speeds for mortgage lenders who bundle it with the Ephesoft Transact smart document capture platform. The platform makes meaning out of unstructured data for decision-makers worldwide.