The benefits of Digitizing Mortgage Operations with Centralized Document Library
Complex, paper-based, and error-prone, the management of mortgage documents is often troublesome exposing financial institutions to the potential for unnecessary inefficiencies, losses and defaults. DocVu.AI serves as a central document library and provides a 360 degree view of mortgage documents across the organization. The dynamic forms for all application documents and collaterals type are customizable […]
The advantages and pitfalls of Mortgage post closing quality control
The advantages and pitfalls of Mortgage post closing quality control Post-closing quality control process needs to be elaborate to ensure that the hundreds of pages of information contained in the mortgage closing file are highly accurate. It has even grown in importance to overcome the record number of foreclosures in recent years. The post close […]
Take a step ahead: Improve Document Processing Automation efficiency with IDP
From banking, insurance, and retail, document processing is a big part of today’s operations. These industries deal with a massive amount of physical documents that often lead to redundant operations and human errors if the processes are manual. Consequently, addressing these issues becomes crucial to improve accuracy and speed, with a lower cost of operations. […]
Can IDPs be a Better Fit than RPAs for Automating Financial Auditing
Audit firms need to convert financial documents of companies into standard formats to do a credit analysis or/and financial audit. Businesses provide a variety of documents in a variety of formats. The first stage is to convert the financial information into a standard format for credit analysis. Documents such as invoices, purchase orders, checks, receipts, […]
How IDPs can Transform your Invoice Processing better than RPAs
Documents such as invoices, purchase orders, checks, receipts, etc. have no standard format. However, businesses need to enter the information from these paper documents into the financial systems and ERPs. A lot of manual effort is spent in classifying the documents and extracting the data for analysis. As time is limited, errors generally creep in, […]
Finding the right fit for your business: RPA or Intelligent Document Processing
The total checks written declined to 16.0 B with a value of $26.20 T, a decrease of 4.2 B and $3.48 T from 2015. [1] Checks still comprise 7% of overall transactions [2]. Checks are still an essential form of transaction with high volumes; moreover, the average value of checks written grew to $1,635 in […]
Discover and Demystify Mortgage Intelligence to boost efficiency with DocVu.AI
Artificial intelligence is already here Artificial Intelligence (AI) is everywhere around us, from voice recognition software in your mobile phone to navigations in car. Even Google uses Artificial Intelligence for its search engine. Netflix, amazon prime movie suggestions are based on Artificial Intelligence. Interacting with Siri, Alexa, Google assistant is also a form of Artificial Intelligence. The goal of Artificial intelligence […]
How Mortgage Intelligence improves Mortgage Document Processing capabilities
AI & ML are important means to bring the next level of improvements in mortgage operations. In mortgage document processing, the buzzwords are AI & ML capabilities however the maturity is low and the scope is undefined. DocVu.AI’s Mortgage Intelligence is AI & ML customized for document processing for Mortgage. Mortgage Intelligence can improve specific […]
What is the difference between OCR and intelligent document processing?
What is the difference between OCR and intelligent document processing? The capabilities of Intelligent Document Processors (IDP) today are far ahead of Optical Character Recognition (OCR) and better capable to fulfill the needs and expectations of businesses today. We have compiled the top 5 points of comparison that highlight this gulf and the benefits that […]
What is the best document processing tool for mortgage providers?
Document processing is a big part of mortgage processing. Mortgage documents are categorized and the required information is extracted for the mortgage underwriting process. There are a few options available for document processing. Our objective here is to list out the top advantages and disadvantages that each type of Document processing player provides so you […]
