Capsilon DocVelocity: Enabling straight-through processing for the mortgage industry

Capsilon DocVelocity provides comprehensive cloud-based document imaging and data capture solutions that enable mortgage lenders to complete transactions in less time, and at a lower cost. With DocVelocity’s improved workflow and ease of data validation, lenders are able to achieve straight-through processing (STP) of loans with an exception-based model that minimizes human intervention.

The concepts of STP were originally developed to describe electronic debt and equity trading and payment transactions executed without the need for re-keying data or manual intervention. These concepts are now applied in financial markets to improve the certainty of settlement, minimize operational costs, and reduce systemic and operational risk. The mortgage industry can realize similar benefits, and others, by applying the concepts of STP to the loan origination process.

Capsilon’s vision of STP automates much of the loan process, reduces manual intervention, and speeds processing while ensuring loan quality.

Automated document and data capture

Capsilon DocVelocity’s patented Automated Document Recognition (ADR) technology automatically recognizes more than 250 common industry document types. It separates individual documents without the need for separator sheets, converts each document into a digital image, and names, sorts and organizes documents automatically into proper loan folders, saving up to 90% of the time spent receiving, sorting, naming and filing documents.

DocVelocity also provides Automated Data Extraction (ADE) technology for identifying and extracting critical loan data from structured and unstructured mortgage documents for analysis and quality control.

Unlike other data capture solutions, DocVelocity’s Automated Data Extraction technology is based on Capsilon’s patented document recognition technology, delivering superior accuracy as part of DocVelocity’s unparalleled workflow.

Effortless document and data validation

DocVelocity provides document and data validation tools for users to review documents that have gone through Automated Document Recognition to improve their quality, and to verify data that has been extracted using Automated Data Extraction. 

Using Indexing Validation tools, users can validate the accuracy of the automated document naming and indexing, and quickly rename, split and merge documents and/or delete pages when necessary. Data Validation tools give users the ability to review documents and corresponding extracted data to validate the accuracy of the extracted data, and make changes when necessary, replacing the costly and error-prone “stare and compare” approach. This moves quality control to the front of the loan process.

Assign users to Validation Queues based on skill level, and users automatically get the next work item when the current work item is completed, speeding the process. A work item can go through multiple passes to further increase quality.

Centralized, secure and streamlined collaboration

DocVelocity enables all authorized participants to share loan documents simultaneously. Your employees and guest users have secure access to shared documents and are able to work on digital loan folders simultaneously to resolve issues quickly and speed processing times. Efficient, secure, electronic sharing and collaboration are possible from origination all the way to the investor.

Comprehensive loan evaluation

DocVelocity’s Automated Data Extraction (ADE) capabilities give DocVelocity customers the ability to extract data values from loan documents to enable rich data-driven audits.  The extracted data is transformed into MISMO data types for consumption by automation engines, and data points are automatically associated with ‘snippets’ of the data on the original document image, so links to the source of the data are always maintained.  And DocVelocity keeps a historical record of any changes made to the data, automatically creating and maintaining an audit trail to assist with compliance requirements.

Data extraction technology has a number of applications, from underwriting decisions, to post-close quality checks, to TRID tolerance checks.

Using data extraction for quality control and analysis gives lenders the ability to improve the overall quality of loans, speed the entire loan life cycle, reduce the cost per loan, and reduce compliance risk.

Fast, compliant electronic transactions

Comprehensive E-Signature and E-Vault capabilities enable the electronic delivery, signing, and vaulting of borrower disclosures. DocVelocity E-Vault provides long-term retention of and access to electronically signed documents to meet all regulatory requirements. 

Instant delivery

DocVelocity allows mortgage lenders and investors to set document packaging rules. Package and deliver electronic documents with a click. Documents can be searched for, filtered, selected and arranged in a stacking order, according to loan type and investor.

Data retention with easy access

Loan folders and document images are retained long-term in the Capsilon Secure Cloud and are ready for retrieval at a moment’s notice. DocVelocity takes the pain out of compliance with complete audit history for all documents and changes made to documents.

The mortgage industry needs a new equation.

A heightened focus on loan quality and compliance has led to increased loan production costs and lengthened turn times. The industry needs a new equation—one in which automated processes throughout the loan life cycle speed turn times while delivering better loan quality.

Read “Optimizing the Loan Production Equation: Practical Strategies for Producing Higher Quality Loans Faster” to learn how to achieve higher loan quality, faster turn times, and lower costs per loan.

Read the White Paper