Joint IDP solution accelerates digital transformation featuring over 300 pre-trained documents, borrower intake, closing document preparation, and automated regression testing
Boulder, CO (24-7pressrelease.com) July 7, 2021— Zia Consulting, Inc., a leading provider of Enterprise Content Management (ECM) and Intelligent Document Processing (IDP) business solutions, and Ephesoft, Inc., a leader in intelligent document processing automation and data enrichment solutions, have teamed up to launch Ephesoft Mortgage Powered by Zia. Ephesoft Mortgage is an AI and OCR-powered solution that automates the most labor-intensive aspects of mortgage including retail, wholesale, mortgage insurance, due diligence and servicing. It delivers significant cost-savings, offers accelerated revenue opportunities, improves customer experience, and provides visibility into the mortgage process for enhanced compliance and business intelligence.
Utilizing Ephesoft Mortgage, organizations can lower labor costs, reduce lengthy processing times, eliminate human errors and increase customer satisfaction. Pat Myers, Executive Vice President and Co-Founder at Zia Consulting shared, “We’re thrilled to partner with Ephesoft to provide a solution to our mortgage customers that allows them to automate their processes, grow with demand, and remain highly competitive in today’s lending environment.”
Ephesoft Mortgage is now available to assist banks in handling mortgage loans—whether it be single borrower documents or packages that can average 500 pages long, with hundreds of document types. It improves the process by creating a loan folder with documents that have been automatically classified, extracted, stacked, and verified. This includes structured, unstructured, or semi-structured content from a variety of sources like portal upload, email, fax and scan. This solution integrates with line-of-business systems, like LOS and servicing systems. It also has the ability to be customized.
“Together, we’re passionate about helping mortgage customers innovate and transform their loan processing while creating a leading-edge using AI technology,” said Ike Kavas, Founder and CEO at Ephesoft. “This solution takes a new approach using deep product experience, testing and knowledge that is built around Ephesoft Transact with multiple ways mortgage companies can take advantage to cut through the clutter and impress their customers with faster, more efficient, and cost-effective response times.”
The solution has already produced substantial results. To date, customers have seen a decrease in employee hours spent on classification and verification of data by 50%, as well as an increase in employee productivity by 700%.
While classification training has historically been difficult due to regression tests taking a lot of time to “stare and compare,” Zia has created a framework that automatically tests “truth” files and ensures consistent results when changes are made. Ephesoft Mortgage has been tested against millions of documents and features more than 300 pre-trained document types to accelerate implementation and deliver a rapid ROI. Ephesoft Mortgage Powered by Zia enables organizations to classify, assemble, and index mortgage documents and automate processes while keeping operators in control.
Ephesoft Mortgage is now available for customers nationwide. For more information, visit www.ziaconsulting.com/ephesoft-mortgage.