Loan document extraction tool introduced

by Francis Monfort24 May 2018

Hyland, a provider of content-management software, has rolled out Brainware for Lending, a new capture tool for financial institutions.

Brainware is a template-free extraction product that captures and classifies loan documents and integrates with line-of-business tools to validate extracted data and fill missing information before delivering data to loan origination systems.

By using Brainware, Hyland said financial institutions will better support compliance initiatives and requirements, decrease manual labor and per-loan processing costs, and close loans faster.

Brainware utilizes optical character recognition, intelligent capture, and extraction functionality to reduce human touch points and virtually eliminate manual document classification. Hyland said that when coupled with its content-services platform OnBase, Brainware provides financial institutions with an end-to-end digital lending process.

"Brainware intelligent capture is an advanced technology that will fundamentally shift the way financial institutions process and service loans," said Steve Comer, director of financial services sales at Hyland. "As a template-free solution, Brainware for Lending gives financial institutions the power to improve the consistency and quality of loan information throughout the loan life cycle, while reducing the cost of validating data."

 

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