Digital Mailroom vs. Old School
Electronic Document Management Systems (also called EDMS, scanning or imaging systems), have softened the impact of managing volumes of paper in many businesses.
In the mortgage industry, loan origination software (such as Calyx or possibly proprietary corporate software) manages and tracks many aspects of the loan process.
Dependent on information gathered from the borrower, this type of software generates hundreds of pages of documents including requests for information, verifications and consolidated reports. Paper is produced, handled and ultimately still must be managed. The human factor plays a huge role in processing the paper associated with every loan.
Digital Mailroom (DMR) scans your paper files, identifies the document types (classification), finds key words such as name, loan numbers, social security numbers, etc. and reads this off the page (indexing).
- DMR eliminates 90% of the doc prep time and labor typically associated with scanning documents.
It stores the document images in online systems and then automatically links the images to your loan origination software. Originators, processors, underwriters, closers and managers can instantly access images.
Data and images are automatically recognized and extracted, then made available online.
What It Does
Digital Mailroom for Mortgage Loan Processing "auto-classifies" scanned images by electronically identifying document types in the same way a human would, looking for structure, sequence, and content.
It recognizes the first pages of documents such as loan applications, appraisals, insurance forms, credit reports, tax returns versus subsequent pages, and more. It detects that all the pages exist for a given document type and flag exceptions for a person to handle.
Then based on the document type recognized, DMR applies indexing rules to locate and extract data from the scanned documents. It works with the structured documents such as mortgage notes, credit reports, tax returns and loan applicants.
- This aspect of DMR reduces data entry time for a typical 250 page file by 60-80%.
It also finds information in unstructured documents such as appraisals, insurance deductions, powers of attorney, and other correspondence. It also correlates information within and between documents and provides crucial quality assurance validations.
Electronic Document Management Systems generally index each document type based on a few pieces of "find" information, such as loan number, SSN, name, agent and address. DMR for Mortgage Loan Processing can electronically sift through the file or mixed documents, classifying document types and extracting necessary data from the scanned paper content.
In minutes, the file packet is processed. Data content can then be sent to the appropriate software application, (such as loan origination software), for updating any information necessary to generate the closing packet.
Digital Mailroom vs. Old School
Electronic Document Management Systems (also called EDMS, scanning or imaging systems), have softened the impact of managing volumes of paper in many businesses.
In the mortgage industry, loan origination software (such as Calyx or possibly proprietary corporate software) manages and tracks many aspects of the loan process.
Dependent on information gathered from the borrower, this type of software generates hundreds of pages of documents including requests for information, verifications and consolidated reports. Paper is produced, handled and ultimately still must be managed. The human factor plays a huge role in processing the paper associated with every loan.
Digital Mailroom (DMR) scans your paper files, identifies the document types (classification), finds key words such as name, loan numbers, social security numbers, etc. and reads this off the page (indexing).
- DMR eliminates 90% of the doc prep time and labor typically associated with scanning documents.
It stores the document images in online systems and then automatically links the images to your loan origination software. Originators, processors, underwriters, closers and managers can instantly access images.
Data and images are automatically recognized and extracted, then made available online.
What It Does
Digital Mailroom for Mortgage Loan Processing "auto-classifies" scanned images by electronically identifying document types in the same way a human would, looking for structure, sequence, and content.
It recognizes the first pages of documents such as loan applications, appraisals, insurance forms, credit reports, tax returns versus subsequent pages, and more. It detects that all the pages exist for a given document type and flag exceptions for a person to handle.
Then based on the document type recognized, DMR applies indexing rules to locate and extract data from the scanned documents. It works with the structured documents such as mortgage notes, credit reports, tax returns and loan applicants.
- This aspect of DMR reduces data entry time for a typical 250 page file by 60-80%.
It also finds information in unstructured documents such as appraisals, insurance deductions, powers of attorney, and other correspondence. It also correlates information within and between documents and provides crucial quality assurance validations.
Electronic Document Management Systems generally index each document type based on a few pieces of "find" information, such as loan number, SSN, name, agent and address. DMR for Mortgage Loan Processing can electronically sift through the file or mixed documents, classifying document types and extracting necessary data from the scanned paper content.
In minutes, the file packet is processed. Data content can then be sent to the appropriate software application, (such as loan origination software), for updating any information necessary to generate the closing packet.