Kofax Limited has introduced Kofax Mortgage Agility, a solution designed to transform and simplify the mortgage application process. Mortgage Agility streamlines the critical initial steps in the mortgage lending process by enabling applicants to use any channel, including mobile devices, internet portals, email, fax and paper, to submit mortgage application information. The solution then extracts the business critical content, uses business rules to check for missing or inconsistent information and enables collaborative communications between the applicant and lender to capture trailing documents and resolve exceptions. It then leverages defined workflows, business rules, compliance requirements and due dates to assemble a complete mortgage application package for entry into loan origination systems, including Ellie Mae Encompass 360. It can also connect to third party software applications or web sites to, for example, verify applicant information, order credit or appraisal reports and other purposes. All of this is accomplished while keeping the applicant informed about the status of their application and providing lender management visibility into the loan process and loan officer performance via near real time interactive dashboards.
Mortgage Agility combines a set of multichannel capture, business process management, mobile, analytics and data integration capabilities on a single platform to provide a less frustrating and more convenient customer experience for applicants, and helps lenders close more quality loans faster and at a lower cost.
Waterstone Mortgage Corporation, a Milwaukee based lender that originated more than $1.8 billion in loans during 2013, is an early adopter of Mortgage Agility. As a member of Kofax’s new Lighthouse Account Program, industry leaders like Waterstone help shape the requirements of new smart process applications such as Mortgage Agility.
“Lenders are examining all phases of their mortgage loan process to better serve customers, gain efficiencies, improve quality and comply with new regulations,” said Grant Johnson, chief marketing officer at Kofax. "By getting the application data right in the First Mile of the process, there is a bigger payoff for both the borrower and the lender.”