![]() ![]() ![]() This frees up customer service teams to deal with more challenging queries and improve the borrower experience.Ĭapacity facilitates instant access to Fannie Mae, Freddie Mac, USDA, FHA & VA guidelines. Notifying employees when there are changes in a borrower’s application or loan status so that they can take action quickly to ensure a smooth loan processĬapacity has chatbot functionality that can answer more than 90% of questions from borrowers and potential borrowers.Generating reports for the mortgage company’s employees and management team.Creating customer profiles based on this data.Collecting data from borrowers and loan officers.These include automating repetitive tasks such as: What else can Capacity do?Īs well as IDP, Capacity uses AI and machine learning to improve other business processes for mortgage companies. It integrates with programs such as Slack and Salesforce so that employees can get the information they need when and where they need it, even on their mobile devices. In addition, Capacity makes the information available through an intuitive interface. Which software should mortgage companies use to extract data?Ĭapacity is a support automation platform that helps mortgage businesses provide a better experience for borrowers and employees, and allows companies to close loans faster.Ĭapacity uses IDP technology to automatically extract information from mortgage documents such as applications, invoices, and purchase orders. This helps to reduce human error and speeds up the application process. ![]() In addition, IDP can be used to automatically populate forms such as loan applications or other mortgage documents with the relevant information from the document’s contents. This makes it easy to manage and process data. IDP allows employees to use the same technology across all document types, regardless of their format. This saves time and energy for employees who would otherwise have to enter this information into the company’s systems manually. When documents are scanned or faxed into a mortgage company’s system, IDP can automatically extract the relevant information from each document and populate it in data processing software. IDP saves time and frees employees to deal with higher-value tasks than manual data entry. How can mortgage companies use IDP for data extraction? IDP also allows employees to extract information from paper-based documents that have been scanned or faxed into the system and digital documents such as PDFs and Word documents. This is especially helpful for mortgage companies who wish to capture unstructured data from loan applications and other types of mortgage forms. IDP allows users to capture data from any type of document. Which type of data extraction is suitable for loan officers?įor loan officers looking for accuracy and wanting to extract relevant information from all types of documents, IDP technology is the best choice. For example, if a document contains both text and images, IDP technology can extract the text from the images as well as from the text in the document itself. Additionally, IDP technology can also interpret the context of a document to extract more information than is possible with OCR. IDP technology is much more accurate than OCR and can extract information from documents that OCR cannot. In addition, OCR technology is becoming less and less accurate as more and more documents are created in digital formats. OCR software is also very good at extracting text from images, but it doesn’t always have a high accuracy rate and is not always able to extract all of the text from a document. OCR document processing software is very fast and can extract text from scanned or faxed documents in a matter of seconds. OCR (optical character recognition) is an older technology that extracts text from images using software. IDP ( intelligent document processing) is technology that uses artificial intelligence (AI) to extract information from documents. There are many different types of document processing, but two of the most common are IDP and OCR document processing. ![]()
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