ACES Risk Management (ARMCO)
has announced that it has launched ACES Automated Document Manager (ADM), a new technology that uses robotic process automation to automate the core activities lenders undertake to reduce gross loan defects.
ADM uses robust optical character recognition (OCR) technology to automatically identify, bookmark and organize loan documents, as well as to alert users of any missing documents associated with loan files.
ADM can parse hundreds of PDF files in minutes using advanced robotic process automation, an emerging form of process automation technology based on the notion of software robots or artificial intelligence (AI) workers.
“Loan files can contain 500 or more PDFs or imaged documents that must be sorted and accounted for if lenders want to reduce gross defects. That’s a time consuming, error-prone process when done by hand,” said Phil McCall, President of ARMCO. “At ARMCO, our focus is helping lenders to not only elevate loan quality, but also cut costs, reduce turn times and gain efficiency. Automated Document Manager reduces defects while saving time. That’s especially valuable for large volume lenders and outsourced QC providers.”