Kofax has announced the launch of Kofax Mobile Capture for Mortgage app, leveraging Kofax’s capture software to enable lenders, brokers and borrowers to use cameras in smartphones and tablet computers to capture, perfect and extract relevant information from supporting documents and deliver it directly into the appropriate loan processes. By capturing critical business information at the Point of Origination, lenders can initiate application processes, obtain trailing documents and resolve exceptions faster and with more accuracy, resulting in higher levels of customer satisfaction and increased closing volume.
"Mobile capture is where the mortgage industry is headed, and it will transform the way lenders engage with customers,” said Mark Swift, vice president of Opus product management at Mortgage Cadence. “We’ve seen ready adoption of electronic document management and mobile banking, making the integration of mobile capture into mortgage loan processing the natural next step. The pervasiveness and agility of mobile devices can improve the way lenders engage with customers.”
Kofax Mobile Capture for Mortgage makes it possible for a lender to bring the loan application process directly to the borrower at the point of origination by enabling cameras in mobile devices to capture and perfect images of documents, photographs and data. A borrower can use Kofax Mobile Capture for Mortgage to capture an image of their driver’s license, W-2, paycheck stub and other supporting documents, and easily submit them to the lender. Critical information is then extracted from the images, and delivered to relevant processes, allowing the lender to rapidly service, approve and close a loan. By using mobile capture to accelerate processes, minimize latency, speed transactions and reduce processing costs, lenders can improve customer service and close more business.
“As refinancings continue and the housing industry rebounds, lenders face increased loan volumes,” said Reynolds C. Bish, chief executive officer at Kofax. “Kofax Mobile Capture for Mortgage gives lenders the power to streamline costs, provide a better user experience, increase time to revenue and strengthen their competitive advantage. We expect many U.S. lenders to incorporate mobile capture capabilities into their mortgage loan processes within the next 12 to 18 months.”
Kofax Mobile Capture for Mortgage is part of the Kofax Mobile Platform, which enables cameras in mobile devices to become viable tools to support information capture solutions. The Kofax Mobile Platform automatically captures, perfects and classifies incoming content. Key data elements are then extracted and their accuracy validated before being delivered into processes and workflows that orchestrate the business rules controlling customer engagements. Using the same patented technology as Kofax’s industry leading information capture software, the Kofax Mobile Platform helps enterprises reduce processing costs and latency through intelligent automation, accelerate revenue by improving the agility and responsiveness of business processes to close more business faster and ultimately improve customer service and satisfaction.
