Data analytics firm Ephesoft moves into mortgage tech
Now that spring has arrived, families across the US have started the home buying process, writes Julie Muhn at Finovate. However, the average time it takes to close on a house is 50 days, making it a long road to home. Aiming to speed things up, document capture and data analytics firm Ephesoft launched Ephesoft Transact for Mortgage.
This is the California-based company’s first vertical-specific product offering.
The cloud-based platform recognises and classifies more than 600 mortgage document types. When lenders bundle Ephesoft Transact for Mortgage classification solution with the Ephesoft Transact flagship offering, they can increase mortgage processing speeds, the vendor says. It adds that large organisations will see deployment times reduced by 80%, from several months to just weeks.
Ike Kavas, founder and CEO of Ephesoft, promises that the company’s mortgage lendeing and financial services customers will “greatly benefit from the improved speeds provided by the Transact for Mortgage platform”.
To get started, mortgage loan processors upload loan documents into a batch, then Ephesoft Transact for Mortgage automatically classifies and separates documents and exports them into the lender’s loan origination system. The system takes appraisal documents, lease agreements, tax returns, bank statements, and other documents necessary in mortgage applications, and deciphers which pages are necessary and which are simply blank pages, cover sheets, invoices, and disclosures. Once documents are classified, the high-value pages are prepared for data extraction and business insights, with the option to apply Ephesoft’s machine learning (ML)technology for further analysis.
Jane Christie, COO of eDocument Solutions, which is a client of Ephesoft, says: “Customers have reported accuracy reports of 90% or higher, loan processing time reduction of 92% and savings of over $100 per loan. The combination of accuracy, consistency and speed for mortgage documents impacts their bottom line and improves customer satisfaction and retention rates.”
Last summer, Ephesoft received a $15 million investment from Mercato Partners, its first round of funding since it was founded in 2010. And in autumn, Ephesoft’s developers released version 4.0 of its Transact Mobile SDK.