Kofax (KFX), a company that automates business processes for financial companies and other firms, has introduced an application that lets mortgage lenders capture information from borrowers by taking a pictures of documents with a mobile device.
The company, which is based in Irvine, Calif., on Monday introduced Mobile Capture for Mortgage, which the company says speeds the loan approval process, improves accuracy and lowers processing costs by enabling bankers to extract data from documents that borrowers present without a laptop and scanner to scan the items.
Borrowers, too, can use Mobile Capture for Mortgage to relay an image of a driver's license, Form W-2, paycheck stub or proof of residence via a smartphone, according to the company. The system is said to extract, validate and insert the information into the bank's mortgage review process and workflow.
"As refinancings continue and the housing industry rebounds, lenders face increased loan volumes," Reynolds Bish, Kofax's chief executive, said in a news release. "Kofax Mobile Capture for Mortgage gives lenders the power to streamline costs, provide a better user experience, increase time to revenue and strengthen their competitive advantage."
