Kaptiche Document Capture in Mortgage Loans

12/14/2018

The housing market is recovering from the global financial crisis in 2008. Statistics corroborate this fact. Statista.com has estimated that in 2017 alone 3.69 million home purchase loans were approved in the U.S and numbers are rising. Owning a home is becoming a reality for dreamers.

To make large real estate purchases mortgages are established and the mortgage industry is still a promising sector. But banks, who in many cases the primary mortgage lenders, are suffering a great deal to process and sanction a loan application. Why? KYC guidelines require banks or the individual mortgage lenders to verify and process a large volume of documents before entering into agreements.  

Data Extraction of House Mortgage Documents

But how the banks or private mortgage firms handle the essential document capture? The property documents, for instance, contains a large volume of crucial information that needs to be successfully captured and processed before approval. Whether the client is a salaried employee or self-employed person, a bank verifies documents such as proofs of identity, bank statements, existing property documents, collateral agreements and much more. Isn’t it quite a headache?

The Right Solution to the Manual Data Entry

The normal document processing – that is, manually capturing the data – is mostly a weighty task. Take, for example, the document Assignment of Mortgage. It contains both the assignor and the assignee details along with the terms of the agreement. To process these large data, a bank executive has to search through the paper document and extract the required data manually. We are not talking about a couple of loose papers here. An executive may handle thousands of documents a week.

But, you have a ready solution for this nagging problem. Yes, thanks to the technological advancements, Kaptiche, the data capture software automates this manual data entry process. Without any human intervention, Kaptiche extracts the required information, whether they are numeric, letters, alphanumeric, or any other characters. It is quick, too. You can process thousands of documents in minutes, leading you to save your valuable time. Gone are the times when your customers had to stand for hours in a queue to get the approval of a mortgage loan. Kaptiche reduces your customer response time manifold, and a bank can serve its customers better.

Zero Human Errors

Another trouble with the mortgage document processers is Human errors. If an executive has to process the transfer of Loans receipt or interest rates for that matter, even a single mistake may cause severe problems and delayed property settlements. Human-made errors are common, but they are costly. Now, Kaptiche assures you an error-free document capture. Validating the extracted data is accurate with Kaptiche. All stages of document processing – data capture, validation, and classification – are done with excellent accuracy with Kaptiche. It saves you the time it takes to correct the errors, and your customers are satisfied that they have their documents cleared in minutes!

Classify Your Documents

A different set of teams in a bank may be assigned to oversee different document processing. The background verification team will process the residence proof document, and yet another team will verify bank transactions. So Kaptiche, although it extracts information from millions of digital records, segregates the extracted data and saves them in specified folders. No more confusions. The right department receives the right data.

Advanced Searchability

The data buried deep in the mortgage agreements will remain so if they are not correctly extracted. How will you gain the insights if the data remain stagnant? Kaptiche not only extracts the data, but also renders the captured data editable and searchable. It retrieves your data into the easily accessible JSON or CSV digital file formats. The advantages? The next time you need to refer a document to calculate the monthly EMI or taxation of the property, just go and text search the data in the digitized file. Which took you hours to refer single information, you have them all in minutes anytime, anywhere.

Would like to explore more about our product? Schedule a demo or Email us at marketing@kaptiche.com