IRVINE, Calif.--(BUSINESS WIRE)--Kofax plc (LSE:KFX), a leading provider of capture driven business process automation solutions, today announced the proven success of its Kofax Solution for Mortgage Processing, which streamlines front end capture processes for mortgage and other lending organizations.
The economic instability of recent years has created a challenging environment for many lenders. Widespread unemployment and tighter qualification standards have created a shrinking customer base, thereby increasing competition for qualified loan applicants. In addition, foreclosures and additional regulations make it more challenging and costly to meet stringent compliance standards. As a result, many are struggling to maintain competitive advantage and profitability.
The Kofax Solution for Mortgage Processing helps alleviate these pressures through the automated capture and processing of information in loan and mortgage documents. Mortgage applications can include up to 200 different types of complex documents. Kofax solutions capture information from those documents as they first enter the enterprise and then classify, separate, validate and extract critical content before delivering that information to the appropriate business process or repository. By automating the labor intensive portions of application processing, banks reduce time consuming errors and operational costs, improve compliance, mitigate risk and dramatically accelerate the approval of qualified applications, ultimately increasing revenue and maximizing profitability.
“Since July 2011, Kofax has announced two contracts for customers in the mortgage industry, each exceeding $1.5 million. Clearly, the industry is recognizing the importance of capturing information as early as possible in the business process,” said Martyn Christian, Chief Marketing Officer at Kofax. “By leveraging our solutions to streamline the scanning, indexing and classification of mortgage related documents, Kofax banking customers can increase efficiency and reduce costs to deliver a measurable ROI to their organizations.”
The Kofax Solution for Mortgage Processing is a packaged offering tailored to best meet an individual lender’s specific needs. To learn more about Kofax’s industry solutions for banking, visit: www.kofax.com/solutions/mortgage-processing.asp.
About Kofax
Kofax plc (LSE: KFX) is a leading provider of capture driven business process automation solutions. For 25 years, Kofax has provided award-winning solutions that streamline the flow of information throughout an organization by managing the capture of business critical information arising in paper, fax and electronic formats in a more accurate, timely and cost effective manner. These solutions provide a rapid return on investment to thousands of customers in banking, insurance, government, business process outsourcing and other markets. Kofax delivers these solutions through its own sales and service organization, and a global network of more than 800 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit www.kofax.com.
“Kofax” is a registered trademark in the US, the EU and other regions. All other trademarks and registered trademarks are the property of their respective owners.