Loan file review is the most critical stage of the loan process. A single mortgage loan file can contain over 100 diverse loan forms and documents. This is an incredibly labor-intensive process prone to human and software errors. If anything goes wrong at this stage, the rest of your business is affected.
To automate the process, some companies have deployed OCR (Optical Character Recognition) or RPA (Robotic Process Automation) software, but the results have not been acceptable. It can take months or even years to train the software before it is useful for production. Even then, there are still far too many exceptions requiring human intervention, and that defeats the purpose of RPA.
This eBook addresses the challenges faced by legacy OCR and RPA and then focuses on how Cognitive Capture Software (CCS) addresses and overcomes these challenges.
By: Dan Lucarini
Date: April 2021