Mortgage processing services have been in existence for many years now. The mortgage process involves a series of steps. Mortgage processing is one of the most important parts of any mortgage company.
Mortgage processing companies mainly focus on providing services for mortgage brokers, lenders, and homeowners on a fee basis. Hence, choosing a mortgage data capture service provider isn’t a wrong decision.
Outsourcing mortgage processing services is important since it increases efficiency, reduces costs, and focuses on core activities. A mortgage data capture company can help you deal with different types of mortgages for a better customer experience.
What is Intelligent Data Capture?
In simple terms, an intelligent data capture service is a data extraction technology. It uses AI to interpret and extract data from documents. It automatically identifies different types of documents and then extracts data from them. The huge benefit of using this technology is that it automates the data entry works.
The whole process of data entry is not only time-consuming but also prone to human errors which leads to poor customer experience. Intelligent data capture service makes use of OCR and machine learning technologies. It helps in capturing handwritten or printed documents with greater accuracy. These technologies help reduce turnaround times for mortgages and improve the overall customer experience
For financial services companies, intelligent data capture reduces manual processing time by up to 90%. It means faster mortgage application approvals and lower costs per mortgage processed.
Benefits of Intelligent Data Capture Solutions
There are many benefits of using intelligent data capture solutions for mortgage processing.
First and foremost, it accelerates the process of mortgage application. Mortgage lenders receive thousands of paper-based documents on a daily basis. Processing these documents manually is not only laborious and time-consuming but also highly error-prone.
Intelligent data capture solutions also help mortgage lenders streamline the loan origination process. It can be done by automating the extraction of critical information from multiple sources. This helps mortgage lenders save time and money in online data entry. These data capture solutions are important since it improves their overall efficiency.
With an intelligent document capture solution in place, mortgage applications can be processed quickly and accurately. Hence, it eliminates the need to spend hours or even days scanning and indexing paper-based documents. The digital documents can be immediately available to the back office staff. This can be done by either being automatically delivered via email or shared via a secure web portal. Mortgage lenders can close loans faster since it expedites the overall processing cycle.
Finally, intelligent data capture solutions also reduce processing costs by digitizing paper-based documents. It uses high volume scanners and then stores them in a central repository for easy access. This helps reduce document retrieval time as well as speeds up workflows.
Common Mortgage Documents Processed Using Intelligent Data Capture Solutions
Intelligent data capture solutions are vital to streamlining the mortgage process from start to finish. The complete mortgage application and approval process can be automated and completed within minutes. Intelligent data capture software will help you to carry out this process accurately.
Intelligent data capture solution is used to automate online data entry and analysis for common mortgage applications such as:
- Loan Applications
- Mortgage Credit Reports
- Employment Verification Letters
- HUD-1 Settlement Statements
- Title Reports
- Identity Proofs
- Bank Statements
- Credit Reports
- Deed of Trust
- Property Appraisals
- Proof of Income
- W-2s & Tax Returns
Intelligent Data Capture Service Capabilities
Intelligent data capture solutions help extract critical information from mortgage documents automatically. These technologies have built-in machine learning capabilities. Hence, it allows them to learn from past experience and improve their performance over time.
These solutions accelerate the data capture process by leveraging artificial intelligence capabilities. They can be used to digitize mortgage documents such as original loan application forms, initial disclosures, tax returns, bank statements, appraisal reports and credit reports. This allows lenders and servicers to create a digital repository of all paperwork related to each mortgage loan.
Intelligent data capture solutions use advanced machine learning algorithms to automatically recognize different types of documents based on their layout and visual content. The adoption rate for these solutions has increased tremendously in the last couple of years due to the increasing demand for digital transformation.
Future of Mortgage Processing with Intelligent Data Capture Solutions
The mortgage industry is one of the most data-driven ones. Before getting a loan, one should fill in a plethora of documents.
To process this data, intelligent data capture solutions come into play. By implementing these solutions into their workflow, mortgage companies can reduce the amount of time taken for processing and approving loans significantly. This will also result in increased customer satisfaction as well as better business performance.
NexGen Data Entry is a trusted name as it provides secure online data entry services and maintains the confidentiality of the mortgage data. The company has been providing reliable and quick services to its clients for more than five years now. The pricing is affordable owing to the large number of mortgage professionals in India.
The mortgage processing outsourcing services by NexGen Data Entry include digital and paper document conversion, data entry and indexing, pre-underwriting, post-closing activities, loan reviews and file auditing. These services are carried out by trained professionals who work on the client’s various projects.
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