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Capsilon has announced the release of its new flagship product, Capsilon DocVelocity. Recent regulatory changes have forced lenders to reevaluate their operations to ensure that their document management operations have adequate data integrity controls to satisfy compliance requirements. Data extraction and validation is the cornerstone of data integrity, and lenders must harness technology to move their operations toward a data-centric model.
Capsilon’s vision defines a new standard for the future of mortgage document management—a standard that brings the concept of straight-through processing (STP) to the mortgage industry, where a technology-enabled model is used to extract data from loan documents to move quality control to the front of the loan process.
The concepts of STP, originally developed to describe electronic debt and equity trading and payment transactions without the need for re-keying data or manual intervention, are now applied in financial markets to improve the certainty of settlement, minimize operational costs, and reduce systemic and operational risk. The mortgage industry can realize similar benefits, and others, by applying the concepts of STP to the loan origination process. This STP model automates much of the loan process, reduces manual intervention, and speeds processing while ensuring loan quality.
The practice of "stare and compare," in which a human being looks back and forth across two or more documents to verify that the information is consistent across document types, is time-consuming and error-prone, not to mention costly. Plus, using this approach, it's only feasible for lenders to send a small percentage of loans through quality control (QC). Capsilon’s vision incorporates an exception-based processing model in which human intervention is required only when something that is flagged by the automation engine needs to be validated.
“The pressure on mortgage lenders to QC one hundred percent of their loans, while keeping the cost per loan in check, has never been greater,” said Sanjeev Malaney, CEO of Capsilon Corporation. “With Capsilon DocVelocity, large lenders now have the enterprise-level features and the capabilities they need to automate much of the loan origination process, from loan intake to post-closing, using automation engines coupled with exception-based processing to speed time to close while ensuring data integrity.”
Building on more than a decade of bringing innovative technology to the mortgage industry, including patented Automated Document Recognition, the latest release of DocVelocity, Capsilon DocVelocity 9, includes a myriad of new capabilities that brings Capsilon’s vision of straight-through processing to the mortgage industry. New feature and service highlights include:
►Automated Data Extraction: DocVelocity now includes data extraction capabilities. Leveraging a standard set of common mortgage documents and associated data, the Capsilon Professional Services organization works with lenders to define the data they need to enable rich data-driven audits, and DocVelocity automatically extracts the required data and transforms it into MISMO (Mortgage Industry Standards Maintenance Organization) data types for consumption by automation engines. The Professional Services organization also works with lenders to apply data extraction technology to any custom documents outside of the standard set.
►Centralized Data Validation Stations: The new Centralized Data Validation gives users the ability to compare extracted data with a “snippet” view of the data on the original document. Users are able to visually validate data values for greater confidence, and correct values when necessary, all while maintaining links to the original source document.
►Centralized Queues: Ideal for large lenders, the new DocVelocity Queues provide centralized routing of work items for faster processing and validation. Users are assigned to Queues based on expertise and skill-level to assist with exception handling. Queues are available for Work Item Routing, Indexing Validation, and Data Validation.
►Site-to-Site Network Delivery: This new capability extends the Network Delivery feature of DocVelocity to include secure delivery of documents between DocVelocity client sites. For example, if a DocVelocity customer frequently does business with another lender who uses DocVelocity, documents can now be securely delivered to the other lender’s instance of DocVelocity.
►Data Services: The Capsilon Professional Services organization now includes a Data Services team to assist clients with identifying the documents, and related data fields, from which data needs to be extracted to meet the clients’ evaluation needs. The Data Services team can also assist with building rules engines to automate workflow for any number of functions, including Post-Closing and Trailing Docs for loan originators, and portfolio investment analysis for correspondent lenders.