The lending industry is plagued by time-consuming and error-prone, paper and labor-intensive processes, front-end systems that do not communicate efficiently with back-end systems, and third-parties that are often not integrated into the process electronically. These problems are exacerbated by the huge volume of loans that are generated each year (nearly 5 million new consumer mortgages alone).
The inefficiencies in lending start at the loan origination process, which encompasses application submission, underwriting, closing and funding, post-closing, and shipping and delivery. The best way for lenders and third-party loan processors to increase profits is to improve production through the use of intelligent capture – technology that automates the processing of information from any paper-based or electronic loan application.
This paper describes the challenges lenders and third-party processors face in approving loan applications, and how intelligent capture addresses these challenges to deliver higher profits.
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