Visionet Systems Inc.
has published a new White Paper entitled, "OCR for Bulk Processing in Mortgage: Realizing the Elusive ROI
." The paper is aimed at mortgage lenders and servicers that are still working to take their operations into the digital realm. With so many existing loan records still on paper and so many of the documents required for loan underwriting still arriving in the form of paper documents, Optical Character Recognition (OCR) technology is a requirement to
"Everyone wants to go fully digital and originate eMortgages, but without a reliable method of turning physical documents into digital data, that transition cannot take place," said Alok Bansal, Managing Director at Visionet Systems. "OCR is a trusted technology that has been used in many industries for a very long time. It offers the mortgage industry great benefits, especially when paired with appropriate scanning and indexing services."
Bansal pointed out that penetration of OCR in the mortgage industry can only be described as abysmal. He cited a recent study that indicates that only 20 percent of correspondents are currently using OCR and data extraction methodologies. Even when mortgage processors use OCR, depth of usage of this technology is also a challenge.
The new paper
provides an overview of the history of OCR technology, a review of the challenges that have made wider adoption more difficult as well as methods for overcoming these challenges and achieving the benefits this technology offers.