Skip to main content

New Visionet White Paper Touts OCR Technology

NationalMortgageProfessional.com
Jul 16, 2018
MISMO, the mortgage industry's standards organization, has released proposed updates to the Industry Loan Application Dataset (iLAD)

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 Visionet Systems Inc. has published a new White Paper entitled, "OCR for Bulk Processing in Mortgage: Realizing the Elusive ROIrealize eMortgages.
 
"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.


 
Published
Jul 16, 2018
More from
Tech
Capacity Closes $38M In Series C Funding, Surpasses $62M In Total Capital Raised

AI-powered automation platform, Capacity, announced an additional $27 million in Series C funding, closing out the round at more than $38 million.

Tech
Jan 19, 2022
Bubble Releases Its Insurance-in-a-Box Offering

A new technological innovation straight out of Silicon Valley provides companies home and life insurance an instantaneous online process.

Tech
Jan 17, 2022
OptifiNow And NextUs Lending Announce New Partnership

CRM solutions provider, OptifiNow, announced its latest partnership with Irvine-based non-QM wholesale lender, NextUs Lending.

Non-QM
Jan 13, 2022
Digital Lending Platforms Market Size Undergoes Extraordinary Growth

The global digital lending platform market size is projected to reach $20.31 billion by 2027.

Tech
Jan 12, 2022
Demand For Financial Protection Policies Increase

As the number of claims increased over the pandemic, premiums for financial protection policies rose.

Tech
Jan 12, 2022
loanDepot Wholesale Upgrades mello Broker Portal

loanDepot Wholesale will introduce new upgrades to its mello®Broker Portal to further streamline the closing process for brokers and settlement agents.

Tech
Jan 12, 2022