Capsilon, a provider of cloud-based document sharing, imaging and collaboration solutions for mortgage lenders, announced U.S. Patent #8,176,004 was issued to the company to cover specific Capsilon systems and methods for intelligent paperless document management. Capsilon’s latest business process patent extends the capability of the company’s first patent that was issued in 2010, to cover its automated document recognition technologies that reduce 90 percent of the manual labor required per transaction to sort and name loan documents.
Capsilon’s new patent applies to its document management process, which reduces the time spent capturing and organizing documents and lowers the cost per loan by enabling users to easily label, organize, store and navigate loan documents in the lender’s preferred stacking order. The process also reduces the number of errors in document conversion and manual organization.
Capsilon’s patents now cover the technology behind the entire paperless document management process in addition to the recognition technology. The company’s patented technologies automatically identify and index incoming images from any source and send them to the appropriate electronic loan folder using industry-standard MISMO document naming conventions.
This eliminates the common requirement to use separator sheets or barcodes between documents in order to properly organize and store loan folders and means incoming documents received via mail, fax or email no longer have to be manually sorted or renamed.
“Our patents address the growing need among lenders for a technology that receives, organizes and stores the mortgage industry’s billions of pages of information without requiring hundreds of hours to be spent organizing or accessing them,” said Sanjeev Malaney, chief executive officer of Capsilon. “It is not enough for lenders to simply digitize loan folders. In order to collaborate efficiently and enhance business processes, they have to easily access, store, organize and navigate through loan documents. Our intelligent document management process does just that, and further establishes Capsilon as a leader in the industry.”