Ephesoft Unveils Mortgage Smart Document Capture Platform
Ephesoft, developer of supervised machine learning-based document capture and analytics solutions, has announced availability of Ephesoft Transact for Mortgage. The new solution is a cloud-based modular platform pre-trained to recognize and classify more than 600 mortgage document types, accelerating processing speeds for mortgage lenders who opt to bundle the Ephesoft Transact platform with this tailored classification solution.
As the first vertical-specific product from Ephesoft, Transact for Mortgage enables underwriters and mortgage loan processors to upload loan documents into a batch class, which automatically and accurately classifies and separates documents, before validating and exporting them into loan origination systems like Ellie Mae and Mortgage Cadence, along with others. The system automatically recognizes where each document starts and stops within large multi-file PDFs, splitting up individual document types. The company says, the software also helps to eliminate the high professional services fees or internal IT investment required to manually categorize appraisals, lease agreements, tax returns, and other document types found in mortgage applications.
According to Ephesoft, organizations using the solutions will see configuration and deployment times for reduced by an estimated 80%, from several months to just weeks. Lenders, loan officers and mortgage processors using Transact for Mortgage will enjoy improved accuracy and efficiency to close more loans within days, instead of weeks or months.
Ephesoft Transact for Mortgage helps to provide workflow efficiency by automatically determining which documents are needed to process loans and which are ancillary, such as the cover pages, blank sheets of paper and invoices often attached to appraisal documents. The solution removes extraneous content and focuses 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.
For more information about Ephesoft’s SaaS platform and Transact for Mortgage, visit www.ephesoft.com/solutions/mortgage.