Kofax plc, an Irvine, Calif.-based provider of business information technology, is using more than $1 million in third-party investments to develop a data capturing business process management tool for the real estate and mortgage financing market.
Kofax identified the investor as “one of the larger servicers of subprime mortgages in the U.S.”
According to Kofax, the subservicer plans to use the specialized technology “to help drive business growth and accommodate a significantly increased volume in mortgage applications.”
Kofax said the subservicer reportedly plans to customize at least three Kofax modules, Capture, Transformation and Kofax Monitor softwares, which together will enable the user to capture and edit “information from up to 20 million pages daily.”
Kofax mortgage processing solutions are designed to help accelerate loan processing automation so that mortgage servicers “can become more responsive to the banks they serve and close more business faster,” says executive vice president of field operations at Kofax, Howard Dartler, since the Kofax Capture technology is structured as a scan-to-archive tool for mortgage lenders and servicers, index data for retrieval and delivery.
Ultimately these modules help reduce loan data retrieval costs, help users stay in compliance with regulatory requirements and are scalable for use in the office, at home or by branch offices in various locations.
According to Nathaniel Rowe, a research analyst with Aberdeen Group, such tools help the bottom line since industry data show financial firms that automate their processes, especially data capture, can process information 53% faster and spend 83% less on each document they process. “Multiply that by tens of millions of pages daily” and the savings become substantial, he said.