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Top 25 U.S. Bank Selects Advanced Data Capture Software Solution from ibml

February 10, 2015
Birmingham, AL

SoftTrac Synergetics provides electronic document capture and data validation to automate document review for the loan closing process

ibml, a leader in information capture solutions for the enterprise, today announced that one of the 25 largest U.S. commercial banks has selected ibml’s SoftTrac Synergetics advanced data capture software and professional services to streamline the bank’s loan closing process. The bank will use Synergetics to capture mortgage documents that are submitted electronically and automatically validate line-item information. The solution replaces an inefficient manual process, resulting in faster closing of loans, reduced labor costs, and lower risk of compliance violations.

Loan closing agents generate documents during the closing process and send the documents to the bank reviewer who must ensure all the data matches the original loan terms and is in compliance with federal loan regulations. These federally-mandated document can have hundreds of line items. In the past, the bank staff had to read each document and compare the many line items to the bank’s loan origination database. When errors were discovered, the document was sent back to the loan closing agent for correction. It was not uncommon for this process to repeat multiple times, and often resulted in bank customers having to wait longer for loans to close.

The bank is using SoftTrac Synergetics to help automate this manual data validation process. The documents are submitted via fax or e-mail, then Synergetics automatically extracts line-item information and validates it against the data in the bank’s loan origination system. Any incorrect data is identified by Synergetics and presented to the reviewer, who can accept or reject the data and annotate comments for the loan closing agent. Any revisions are automatically tracked and included with the final document.

“Data validation is a time-critical part of the loan closing process,” said ibml Chief Marketing Officer Dan Lucarini. “By deploying a Synergetics e-document capture solution with advanced data extraction and validation, the bank can reduce cycle times and errors, and ultimately close loans faster.”

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