Redwood Trust, Inc., a specialty finance company focused on access to housing, will integrate LoanLogics’ intelligent data extraction and automation (IDEA) platform to ensure the quality of its mortgage loans.
IDEA is an automated solution to lenders’ data extraction, validating, and indexing needs, as well as documentation processing rules automation. It uses advanced machine learning, comprehensive data extraction programs and rules-based automation workflows to deliver data that is 99 percent accurate in less time and using less resources than other means, according to the company.
LoanLogics stated IDEA recently integrated with LauraMac’s cloud-based loan acquisition system, a configurable transaction management platform used to buy loans in the secondary market. Once IDEA transforms digital documents into classified, versioned loan documents and extracts data, it can be sent to loan review where it can be incorporated into Redwood’s workflow and processed by the lender’s or investor’s configurable rules.
“Loan quality has been a hallmark of our business throughout our history, which is why we look forward to using LoanLogics’ technology and services as part of our residential mortgage banking operations,” Redwood Residential Chief Operating Officer Carlene Graham said. “LoanLogics IDEA will provide us with data-driven digital workflows that enable us to continue providing high-quality, innovative residential products to meet the needs of today’s homebuyers.”
In addition to delivering accurate extracted data and automating workflows, IDEA is able to handle different types of mortgage documents, whether they are structured or unstructured, and different document variations.
“We are thrilled that Redwood Trust is using LoanLogics IDEA for its loan review needs and share the company’s long-standing commitment to loan accuracy and compliance,” LoanLogics CEO Dave Parker said. “The integration of our document processing capabilities with LauraMac’s loan review platform is a powerful solution that can help any lender or investor improve the quality and transparency of their mortgage operations.”