Mortgage and Loan Document Management Solutions


Iron Mountain’s Mortgage and Loan Document Management Solutions address the lifecycle of your loan files – from creation and conversion to the distribution and destruction of physical and electronic records. View this presentation to learn more about the Conversion and Classification process and how Iron Mountain can work with your mortgage documents.

Transcript

Welcome, and thank you for taking the time to view this presentation of Iron Mountain’s Mortgage and Loan Document Management Solution.

Today we will be looking at one component of the overall solution, our Automated Mortgage Classification process.

The Mortgage industry faces many challenges. Some of these business challenges may sound familiar when it comes to your mortgage classification process.

  • Your current classification procedures are inefficient, time consuming and costly… and in today’s environment you can’t afford to be any of these things, let alone all three.
  • It’s an investment to build-out your own OCR technology - Especially if you need to build or complete your own library of sample mortgage documents. Training your OCR engine to achieve the highest possible classification rate takes time, money and valuable resources.
  • Of course the constant pressure from regulators and internal audits have led to unprecedented scrutiny on the integrity of your documentation – and created unforgiving demands for responsiveness. You need to deliver these files at a moment’s notice; you must also provide them to multiple parties for review in a format that meets the requestor’s specifications.

When your files are disorganised, it forces you to divert your employees from their primary responsibilities – and exposes you to the risk of audits, litigation and buybacks.

Iron Mountain’s Mortgage and Loan Document Management Solutions address the lifecycle of your loan files – from creation and conversion to the distribution and destruction of physical and electronic records. And, we’ll support you every step of the way with the expertise needed to make your mortgage operations as efficient, secure and compliant as possible.

Today we will be focusing on the Conversion and Classification process. There are two distinct ways to classify a mortgage – the first of which is traditional straight manual classification, which for smaller volumes or complex documents may still be the best approach. However, for most documents starting with some form of automation or OCR technology is standard practice.

The differentiator, of course, being the ability of the technology to accurately compare the various documents in a mortgage batch and correctly identify the documents. Organising them in a manner that best fits your records management requirements and allows for robust reporting, data extraction, and timely and confident destruction.

Here is a brief overview of how Iron Mountain work’s with your mortgage documents. If not already electronic, Mortgage documents are scanned and passed through our Intelligent Document Recognition technology, or (“IDR”), which incorporates Iron Mountain’s Mortgage Library and Logic Engine.

Our proprietary library encompasses hundreds of different mortgage documents – from a variety of different lenders, states and vintages – all have been incorporated within our automated classification solution. The first filter compares words recognised from the scanned documents to those found in sample documents from the library. Working with the logic engine to continuously refine the filter, the document is classified to match the highest probability.

Here is a brief overview of how Iron Mountain work’s with your mortgage documents. If not already electronic, Mortgage documents are scanned and passed through our Intelligent Document Recognition technology, or (“IDR”), which incorporates Iron Mountain’s Mortgage Library and Logic Engine.

Our proprietary library encompasses hundreds of different mortgage documents – from a variety of different lenders, states and vintages – all have been incorporated within our automated classification solution. The first filter compares words recognised from the scanned documents to those found in sample documents from the library. Working with the logic engine to continuously refine the filter, the document is classified to match the highest probability.

Once processed through the IDR solution, the loan is then sent to our team of mortgage specialists, for manual review and quality control.

So let’s take a quick look at the manual review portion…

While the goal is to auto classify as many of the mortgage documents as possible, no process is fully automated. Our team uses this tool to manually classify any document that the system was not able to identify with a high enough confidence.

They can also use the tool to index any necessary data, and review the document for overall quality control.

We have designed this system for maximum efficiency, so that our operators can quickly and accurately classify documents with the least amount of keystrokes and so that new team members can be easily brought-in to support volume peaks.

The navigation pane on the right provides a quick view of the loan images with all documents that have been successfully classified appearing in green. The system advances automatically to the unclassified documents, which are shown in red.

While the top and bottom thumbnails give the operator a quick view into documents that can and should be grouped together without requiring the operator to click through every single document individually.

In this instance the first unclassified document is Underwriting Transmittal Summary. To save time, our operator simply types in a keyword from the title and the appropriate document class appears in a drop down list, to be selected.

Using the thumbnails the operator can clearly identify the next two documents as being part of the transmittal summary and without accessing the image can classify the documents using quick key functions. This process saves processing time, and allows the three documents to be easily grouped together.

Once classified, the system skips to next the available “unclassified” document.

Operators also have the option of classifying a document directly using a number identifier. Rather than typing out the full keyword, our operator can use a designated code to instantly call up the correct classification group such as with this Appraisal Report.

Once again using the thumbnails to save time, the next 6 documents are quickly grouped together as being part of the same appraisal report and classified using the hot keys.

In addition to manually classifying a handful of documents, there may be certain pieces of information that require manual data extraction or review.

Key data can be extracted or validated once the document type is confirmed. The city and state information is all standardised using the zip code look up functions.

While parameters have been added to prevent common error like inaccurate or improperly formatted dates.

Our Mortgage Document Classification Services automate the classification process with Intelligent Document Recognition (IDR) technology. Plus, you have the flexibility to classify files using the Iron Mountain Mortgage Map – which we’ve created based on the MISMO standard – or you may opted to use your own specifications.

Automation doesn’t work in all scenarios, but even when it works well, some manual intervention is required. Iron Mountain has built a robust automated classification solution for the mortgage industry, one that drives accuracy and efficiency even when a manual touch is needed.

Thank you for taking the time to view this presentation.