Mphasis Digital Risk implemented Luminate™, an automated mortgage document processing platform, to digitize the client’s idle data to a large extent. Luminate™, with its disruptive mortgage automation technology, assisted with the QC and audit processes, processing approximately 6,500 files per month with document classification of up to 400 document types and data extraction of up to 150 data points. Activities supported are as follows:
• Confirming file readiness.
• Versioning with parent/child bookmarks (i.e. initial/final 1003).
• Sorting core document names within each bookmark to streamline review by QC.
Our solution catalysed the following benefits for the client:
• Document indexing time improved by 90%.
• Cost incurred for data capture reduced by 50-90% through automation.
• Checklist driven workflow activities reduced by up to 80%.