The resulting solution will help mortgage lenders streamline and accelerate their mortgage manufacturing, loan acquisition and quality control processes, LoanLogics says in a release.
By integrating LoanLogics IDEA solution with VirPack’s virtual document management and automated workflow platform, the companies have increased the speed and accuracy of document recognition, data extraction and file review, thereby reducing the cost of creating and ensuring loan quality.
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, the company says.
LoanLogics’ automated data extraction (ADE) technologies aid in the creation of perfected data.
VirPack claims that it simplifies virtual document management for the lending industry by providing user-centric solutions for loan file management, e-delivery, and file indexing to increase productivity and modernize business operations.
Specializing in file automation and automated workflows, VirPack’s solutions replace manually complex and error-prone business processes with automated monitoring and oversight, delivering accuracy and efficiency for resource-constrained teams.