October 24, 2012
Kofax Introduces New Mobile Capture App for Mortgage Industry
By Calvin Azuri
Kofax recently introduced the Kofax Mobile Capture for Mortgage app which has been designed to enable mortgage lenders to quickly and accurately capture critical information at the Point of Origination. Based on the company's capture software, the new app will make it easy for lenders to use the cameras in their smartphones and tablet computers to capture, and extract data from supporting documents and send it across to specific loan processes. Lenders will not only be able to initiate application processes, but will also be able to trail documents, and quickly address issues thereby boosting customer satisfaction.
In a statement, Mark Swift (News - Alert), vice president of Opus product management at Mortgage Cadence, said that, "Mobile capture is where the mortgage industry is headed, and it will transform the way lenders engage with customers. We've seen ready adoption of electronic document management and mobile banking, making the integration of mobile capture into mortgage loan processing the natural next step. The pervasiveness and agility of mobile devices can improve the way lenders engage with customers."
The newly released Kofax Mobile Capture for Mortgage will enable the lender to use his mobile device camera to capture and perfect images of documents and captured data. The app can be used by a borrower to capture information such as the driver licence, W2, pay-check stub among other such supporting documents, which can then be quickly submitted to the lender. The information extracted from the images, is then directed to the appropriate processes, for quick approval and closing of a loan. The use of mobile capture not only speeds up loan processing, but also reduces latency and processing costs, and improves the closing volume.
The Kofax Mobile Capture for Mortgage is part of the Kofax Mobile Platform, which incorporates the company’s patented information capture software. The Kofax Mobile Platform makes it easy for customers to not only minimize their processing costs and latency via intelligent automation, but also to drive revenue generation by enhancing business processes.
Edited by Brooke Neuman