Capsilon, a provider of cloud-based document sharing, imaging and collaboration solutions for mortgage lenders, has released Katalyst 8, the newest version of the company's electronic document management and collaboration solution, which includes a re-architected image conversion system, a more sophisticated automated document recognition capability and a new high-performance desktop application.
Katalyst 8 gives mortgage lenders at all sizes and types of financial institutions a reliable and efficient process for document intake and image conversion, enabling them to work more collaboratively with loan participants to improve the lending process. The enhanced system substantially reduces conversion errors so no data is lost when converting paper documents to images, an issue many lenders face when receiving loan documents from third party originators and service providers. Katalyst 8 uses a combination of image conversion technologies to solve this widespread industry problem. In the rare event an image still fails to convert, lenders have access to the original file to ensure no important information is lost and the loan folder can be processed as usual.
Capsilon's new release also offers an advanced document recognition system that makes identification, naming and filing faster and more reliable, thus improving lenders' overall workflow. Loan officers and other transaction participants typically handle hundreds of types of loan documents. The enhanced system automatically recognizes more than 250 industry-standard documents, alleviating the need for users to manually name them, and makes it faster and easier to go from file intake to loan fulfillment. System generated identifiers can be inserted into lender-authored documents for automatic recognition as well, and the system's configurable document dictionary allows lenders to set up their own naming conventions to fit their processes. Manual re-naming is also supported, giving even more control to the user, ensuring that financial institutions can organize the loan folder to best fit their needs.
The new desktop application significantly increases productivity for loan officers, processors or other employees who access documents frequently or for longer periods of time. The desktop application accesses the Katalyst cloud service, just as the existing web-based interface does, but provides more flexibility and faster responsiveness for users. Desktop features give users more power to easily filter, search and group documents to browse and process them more quickly. Users can also compare documents side by side, switch rapidly from thumbnails to full-size views and create stacking orders of documents based on loan types, process phase or investor requirements. The desktop application allows users to work on multiple loan folders simultaneously for higher productivity. Viewing preferences can be altered to the user's choice and automatically recalled, increasing productivity and ease-of-use for frequent users.
"Katalyst 8 provides mortgage lenders an imaging and collaboration solution that considerably improves and accelerates their lending processes," said Sanjeev Malaney, chief executive officer of Capsilon. "Katalyst's newest release reduces errors, streamlines processes and offers a more complete collaboration experience giving banks, credit unions and other mortgage lenders the opportunity to improve document quality, conversion and storage which translates to improved customer service."