Revolutionizing Loan Boarding With Advanced OCR Technology
Customer Overview
Our client, a pioneer in the non-bank, full-service mortgage industry, was founded in 1990 and is headquartered in Boca Raton, Florida. It is a leading force in the mortgage sector with operations spanning retail, wholesale, and correspondent channels and licenses across all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The company receives thousands of loan packages monthly, each with various documents and digital data tapes.
The Challenges
The client encountered several challenges, detailed below for better understanding and resolution:
- Time-consuming and manual loan boarding and document indexing processes.
- Inconsistent handling of fluctuating loan volumes, leading to inefficiencies.
- Errors due to manual data verification and document management.
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The Solutions
MSuite addressed these challenges by automating the document indexing and data extraction processes through:
- The Document Indexing Engine to efficiently split and organize documents.
- The Data Extraction Engine extracts and verifies specific data points against digital tapes.
- Generating Exception Reports for missing documents or data to be promptly requested.
Results Achieved
MSuite's strategic integration brought measurable success and improvements:
- Average loan boarding time was reduced by 70%.
- The accuracy of the Co-issue loan boarding process increased from 96% to 99%.
- Up to 50% cost savings.
- Greater scalability and reduced human dependency in daily operations.
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Advance Your Loan Boarding With Msuite! Streamline Your Document Process, Boost Accuracy, and Cut Costs. Reach out Today!
