has announced the availability of Ephesoft Transact for Mortgage
, a cloud-based modular platform pre-trained to recognize and classify more than 600 mortgage document types, accelerating processing speeds for mortgage lenders who opt to bundle the Ephesoft Transact platform with this tailored classification solution.
“We are continuously developing innovative, cost-effective solutions that solve real problems for our customers and with hundreds of different document types to classify, the mortgage processing industry is ideally suited for document capture innovation and automation,” said Ike Kavas, Founder and Chief Executive Officer of Ephesoft. “Our many mortgage lender and financial services customers will greatly benefit from the improved speeds provided by the Transact for Mortgage platform, which will make it even easier for new and existing customers in the banking and finance fields to benefit from our robust document processing solution, best practices and cloud-based supervised machine learning technology.”
Transact for Mortgage enables underwriters and Mortgage Loan Processors to upload loan documents into a batch class, which automatically and accurately classifies and separates documents, before validating and exporting them into loan origination systems like Ellie Mae and Mortgage Cadence, along with others. The system automatically recognizes where each document starts and stops within large multi-file PDFs, splitting up individual document types. This new out-of-the-box mortgage software eliminates the hefty professional services fees or internal IT investment required to manually categorize appraisals, lease agreements, tax returns and hundreds of other document types found in mortgage applications.