have announced a partnership aimed at accelerating mortgage data and document processing to streamline operational workflows for lenders’ mortgage manufacturing, loan acquisition and quality control processes.
By leveraging an integration between LoanLogics IDEA and VirPack’s virtual document management and automated workflow platform, the companies remain at the forefront of providing market leading solutions that increase the speed and accuracy of document recognition, data extraction, and file review; and reduce the cost of creating and ensuring loan quality.
“This partnership will strengthen both of our offerings. We are pleased to deliver the industry-leading technology that our customers expect and deserve,” said Wayland Pond, Chief Operating Officer, VirPack. “By joining forces with LoanLogics, we are raising the bar to deliver solutions that lenders need to be competitive and achieve higher profit margins.”
LoanLogics IDEA uses rules-driven logic to enhance workflow automation and to create more granular processes based on the risk characteristics of mortgage lenders. Automated document recognition (ADR), powered by machine learning, can handle more document types, both structured and unstructured, and variations than the competition while delivering greater accuracy for mortgage document classification.
LoanLogics’ automated data extraction (ADE) technologies aid in the creation of perfected data.
VirPack simplifies virtual document management for the lending industry by providing user-centric solutions for loan file management, e-delivery and file indexing to significantly increase productivity and modernize business operations. A leader in file automation and automated workflows—its solutions replace manually complex and error-prone business processes with automated monitoring and oversight delivering accuracy and efficiency for resource-constrained teams.
“Lenders relying on human operator indexing are plagued with document delivery issues and workflow disruptions,” said David Parker, Senior Vice President of Product Management, LoanLogics. ”We pioneered an approach that effectively balances speed, accuracy and cost for our clients. Our latest advancements have allowed us to provide accurate indexing of 600-plus document types. No other vendor has the document training set we have amassed over the years, which enables our machine learning algorithms to deliver exceptional results for structured and unstructured documents.”