Staircase, which is building an integrated, digital infrastructure to accelerate tech-enabled mortgages, has a new offering that helps business process outsourcers (BPOs) reduce labor costs by improving quality control in the mortgage document verification process.
Many lenders are outsourcing certain functions to lower costs and overcome the challenges of operating remote teams. One of the main tasks outsourced to BPOs is document verification which relies heavily on manual labor and off-the-shelf optical character recognition (OCR) technology to read documents.
Staircase’s Quality Control automates the document verification process by seamlessly combining a BPO’s existing OCR provider with labeling software in a tight training loop where the labeling software guesses the value of the data missed by the OCR engine, the BPO staff verify the correctness of the data, and this new ground truth feeds back into the OCR engine to improve accuracy on a daily basis.
The improved extraction accuracy leads to fewer and fewer documents being sent to the manual exception handling process, saving enormous time and cost, the company says in a release.
“Document verification solutions that are efficient and affordable are critical to the mortgage process,” says Adam Kalamchi, CEO and cofounder of Staircase. “Our Quality Control product helps third parties reduce labor costs by enabling OCR to get better and better over time with a self-learning loop. We of course also include advanced data and document security to ensure privacy standards are met.”
Photo: Arlington Research