Document capture and data analytics firm Ephesoft has launched a cloud-based modular mortgage document capture platform, called Ephesoft Transact for Mortgage, to accelerate processing speeds for mortgage lenders.
The platform, which is the company’s first vertical-specific product offering, is pre-trained to recognise and classify over 600 mortgage document types.
Ephesoft founder and CEO Ike Kavas said: “Our many mortgage lender and financial services customers will greatly benefit from the improved speeds provided by the Transact for Mortgage platform, which will make it even easier for new and existing customers in the banking and finance fields to benefit from our robust document processing solution, best practices and cloud-based supervised machine learning technology.”
The platform will allow underwriters and mortgage loan processors to upload loan documents into a batch class, which automatically and precisely categorise and separate documents, before validating and exporting them into loan origination systems like Ellie Mae and Mortgage Cadence, along with others.
Ephesoft Transact for Mortgage will automatically classify and separate loan documents uploaded by underwriters and mortgage loan processors and then exports them into their loan origination system.
It is claims that the platform can automatically make out where each document starts and ends within large multi-file PDFs, splitting up individual document types.
The This new mortgage software takes appraisal documents, lease agreements, tax returns, bank statements, and other documents necessary in mortgage applications, and separates necessary pages from blank pages, cover sheets, invoices, and disclosures.
The company further added that the newly launched platform will slash large organisations’ configuration and deployment times by 80%, from several months to just weeks.