LoanLogics and VirPack have formed a strategic partnership aimed at accelerating mortgage data and document processing to streamline operational workflows for lenders' mortgage manufacturing, loan acquisition and quality control processes, the companies announced in a press release.
By leveraging integration between LoanLogics IDEA and VirPack’s virtual document management and automated workflow platform, the companies remain at the forefront of providing market leading solutions that increase the speed and accuracy of document recognition, data extraction, and file review; and reduce the cost of creating and ensuring loan quality.
LoanLogics IDEA uses rules-driven logic to enhance workflow automation and to create more granular processes based on the risk characteristics of mortgage lenders. Automated document recognition (ADR), powered by machine learning, can handle more document types, both structured and unstructured, and variations than the competition while delivering greater accuracy for mortgage document classification, while LoanLogics’ automated data extraction (ADE) technologies aid in the creation of perfected data, the companies said.
“This partnership will strengthen both of our offerings. We are pleased to deliver the industry-leading technology that our customers expect and deserve,” VirPack Chief Operating Officer Wayland Pond said in the release. “By joining forces with LoanLogics, we are raising the bar to deliver solutions that lenders need to be competitive and achieve higher profit margins.”
Lenders relying on human operator indexing are plagued with document delivery issues and workflow disruptions, according to LoanLogics’ David Parker, senior vice president of product management.
“We pioneered an approach that effectively balances speed, accuracy and cost for our clients,” Parker said. “Our latest advancements have allowed us to provide accurate indexing of 600+ document types. No other vendor has the document training set we have amassed over the years, which enables our machine learning algorithms to deliver exceptional results for structured and unstructured documents.”
LoanLogics is a recognized leader in loan quality technology for mortgage manufacturing and loan acquisition. VirPack is a leading provider of virtual document management and file automation solutions.