Sourcepoint

2021 HW Tech100

Offers a comprehensive portfolio of post-close services that can be scaled and configured to support lender client needs

Sourcepoint-2021 Tech100 winners-mortgage

Sourcepoint offers a comprehensive portfolio of post-close services that can be scaled and configured to support lender client needs. An automated post-close platform improves processing speed, reduces expenses and liquidity by lowering dwell time on warehouse lines. With soaring demand, today’s lenders face challenges in their post-closing processes, resulting in backlogs, hold-back funds and increased repurchase risks—not to mention reputational risk. Sourcepoint gives lenders valuable relief from these pressures by developing a post-close platform that can classify 542 document types and identify more than 5,000 data elements using optical character recognition (OCR) technology. At the core of the platform is an automated document classification and data extraction application that uses AI and machine learning to achieve accuracy and efficiency thresholds far exceeding manual processes. Sourcepoint’s post-close platform recognizes and classifies documents accurately within minutes and employs standard and client-specific checklists to meet market and investor requirements for loan file integrity. The platform automatically routes critical missing documents to responsible parties for curing and integrates with leading loan origination systems, where loans are ingested into the post-closing process for rapid turn-around.

  • Processed 80,000 loans through its post-close platform with 97% accuracy in the past year
  • 98% of documents were processed within the targeted service level of two days

Company Website:

http://www.sourcepointmortgage.com

Markets Served:

Loan Origination, Servicing

Company HQ:

Palm Bay, FL

3d rendering of a row of luxury townhouses along a street

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