Supporting docs: there’s an app for that
Kofax has brought out the Kofax Mobile Capture for Mortgages app to allow brokers to capture and extract data at the point of origination and deliver it directly to the correct loan processes.
Mark Swift, vice president of Opus product management at Mortgage Cadence, said: “Mobile capture is where the mortgage industry is headed.
“We’ve already seen adoption of electronic document management and mobile banking, making the integration of mobile capture into mortgage loan processing the natural next step.”
Downloadable from itunes the app provides a secure channel directly from the user to the lender allowing lenders to initiate the application, request supporting documents and resolve exceptions faster and with more accuracy.
To replace the traditional method of authorised individuals certifying documents as originals, the mobile device will provide uniquely identifiable information to the lender to validate the submitter.
Martyn Christian, chief marketing officer of Kofax, explained the mobile device records the phone number, date, time and location of the person submitting the document.
He said: “Additionally as part of the process the user can be required to log in to the system, by providing a unique ID, such as a user ID or password for their online bank account. This can be generated by the system to validate who they are.”
Christian added that the Kofax app also reduces the security risk for the customer of having their personal and confidential documents emailed to brokers who then have the documents stored within their inbox and on their personal computer.
The app also helps lenders to catch fraudulent applications.
“Because the Kofax system helps to process all the data contained within the document, there is more information available for the lender’s fraud and risk management systems to assess the validity of the data,” he said.