Software solutions provider Hyland has introduced a new solution for financial institutions, Brainware for Lending.
According to Hyland, Brainware for Lending is a template-free extraction solution that accurately captures and classifies loan documents and integrates with line-of-business tools to validate extracted data and fill in missing information before delivering data to loan origination systems. By delivering greater transparency, lending institutions can process loans faster with fewer resources and improve interactions with borrowers, the company says.
Citing the Mortgage Bankers Association, Hyland says the average loan includes more than 500 pages.
Brainware for Lending uses optical character recognition, intelligent capture and extraction functionality to significantly reduce human touch points and virtually eliminate manual document classification, the company says. Coupled with OnBase, Hyland’s content services platform, it provides financial institutions with an end-to-end digital lending process.
“Brainware intelligent capture is an advanced technology that will fundamentally shift the way financial institutions process and service loans,” states Steve Comer, director of financial services sales at Hyland. “As a template-free solution, Brainware for Lending gives financial institutions the power to improve the consistency and quality of loan information throughout the loan life cycle while reducing the cost of validating data.”