Mortgage fulfillment outsource services expert, Titan Lenders Corp. (Titan) and Top Image Systems, Ltd. (NASDAQ:TISA), a global innovator of intelligent content processing solutions, today announced that Titan selected eFLow Digital Mailroom from Top Image Systems to automate their mortgage loan package processing.
Enthusiastic about the significant business value that Titan will gain by automating loan package document review, classification with supervised machine learning and validation, streamlining them together into one process to comply with strict industry regulations, the two companies have agreed on a partnership to expand the reach of eFLOW® in the U.S. mortgage industry.
Titan outsources back office operations for mortgage providers, carrying out a broad range of form-driven fulfillment services for banks and other financial institutions, from compliance to investor-based whole loan purchase review to warehouse line post-funding QC. In the past, Titan had to manually review and classify all the documents and images they received for each loan package to check for missing or incorrect entries and signatures. The process was error-prone, tedious and time-consuming. The complex relationships between different levels of customers and different forms used by different parties further complicated the tasks.
Following participation in a strict and exacting four-month long RFP process, Top Image Systems was then selected to carry out a “proof of concept” to demonstrate its ability to meet Titan’s requirements. Titan chose eFLOW for its flexibility, comprehensive and thorough functionality, including its ability to integrate smoothly with the proprietary web-based TITAN system. Titan was looking for an expert, hard-working, and effective partner that would collaborate with Titan to build high quality functionality into their mortgage imaging services.
Within six months, the two companies completed Phase 1 of the implementation, during which eFLOW learned to automatically classify some 270 document types and process the packages in accordance with different requirements per customer in terms of document order and format. eFLOW checks all incoming documents, applying machine learning algorithms to classify the document type. A PDF is created for each loan package and bookmarked for the specified customer for accurate tracking of the status of the component forms, as well as of the trailing documents. Accelerating this stage of the process enables Titan to proceed with the compliance validation and other sub-processes sooner, compressing the entire loan fulfillment cycle and improving service to the banks and their customers.
In the Summer, Titan plans to initiate Phases 3&4 to add extraction and validation of the data in the forms’ fields, including extraction of borrower’s name, interest rates, loan amounts and the content in hundreds of other fields, as well as signature and date detection.
“Titan expects eFLOW’s functionality to execute rapid, accurate data recognition and classification for extremely high volumes of complex, varied types of documents to significantly increase productivity and - more importantly – expand production efficiency and overall loan fulfillment capacity. In short, we will be able to grow revenues by controlling FTE count while providing more efficient service to a larger number of satisfied customers,” remarks Mary Kladde, CEO Titan Lenders Corp. “eFLOW will significantly improve and increase visibility and the transparency of loan level document data. It will also help Titan comply with increasingly demanding industry regulations and standards. As a proactive member of the industry, Titan, in partnership with Top Image Systems, looks forward to taking a leading position in bringing solutions to bear for data normalization and compliance. We are looking forward to raising the bar on automated loan package fulfillment, thereby attracting progressive financial institutions and driving digital business.”
“Top Image Systems sees huge potential for expediting onboarding and loan fulfillment processing in the mortgage industry,” comments Gordon Sellers, VP, Strategy and Product Management, Top Image Systems. “By collaborating with experts such as Titan, we expand our industry knowledge and combine that knowledge with technology to support use cases for financial and insurance providers that not only increase efficiency, but raise revenues thanks to improved customer engagement and experience.”