Mortgage Document Assembly
Classification and Assembly Software for Streamlined Mortgage Loan Processing
In the digital age, banks and financial institutions need to adapt to technology that can lower processing costs in order to compete effectively. Automation is a powerful way to make the loan approval process faster, easier, and cheaper by reducing the need for manual data entry in the workflow. A critical point of value in mortgage automation software is its ability to classify and assemble mortgage loan packets for optimal processing. Let’s take a closer look.
Mortgage Document Classification
Automated mortgage classification enables lenders to quickly and accurately identify the types of documents being submitted by loan applicants. Specifically, mortgage software will recognize and label 1003 mortgage application forms, credit reports, birth certificates, and other document types (CVISION’s Trapeze for Mortgage Processing is pre-configured to classify over 395 mortgage document types from day one).
In addition, unrecognized documents will be sent for manual review, where employees can quickly judge whether the wrong documents were sent, if a signature was missed, etc. from a much smaller pile of data after automation. To quantify this, a CVISION client realized 99.5% accurate classification rates with our mortgage solution. This translates to much less manual processing and minimized labor costs for the lending institution.
Assembly – Split, Merge, Stack Order Mortgage Documents
In addition to classification, mortgage software offers banks and financial institutions the ability to organize their files and manage the workflow better. With automated document assembly, lenders can split, merge, and reorder incoming documents to make sensibly defined output files for easier, more intelligent processing.
Stack Ordering mortgage documents is an important feature of the software deployed by a lender. Stack order is a method of organizing incoming documents into a specified sequence that mortgage bankers can make use out of. With stack-ordering, organizations can prioritize loan packets matching certain criteria according to their specific business rules.
For example, lenders could establish that loan applicants with a higher credit score have their packets moved to the top of the queue for any manual validation, review, and export. This essentially enables financial institutions to prioritize higher value mortgage loan applications for a more efficient workflow.