Visionet Simplifies Bulk Processing for Wholesale Lenders through proven OCR approach


Visionet Simplifies Bulk Processing for Wholesale Lenders through proven OCR approach

CRANBURY, NJ – July 11, 2018 – Visionet Systems Inc., a global services provider to a number of industries including the US mortgage industry, has published a new White Paper entitled, “OCR for Bulk Processing in Mortgage: Realizing the Elusive ROI.” The paper is aimed at mortgage lenders and servicers that are still working to take their operations into the digital realm. With so many existing loan records still on paper and so many of the documents required for loan underwriting still arriving in the form of paper documents, Optical Character Recognition (OCR) technology is a requirement to realize eMortgages.

“Everyone wants to go fully digital and originate eMortgages, but without a reliable method of turning physical documents into digital data, that transition cannot take place,” said Alok Bansal, Managing Director at Visionet Systems. “OCR is a trusted technology that has been used in many industries for a very long time. It offers the mortgage industry great benefits, especially when paired with appropriate scanning and indexing services.”

Bansal pointed out that penetration of OCR in the Mortgage industry can only be described as abysmal. He cited a recent study that indicates that only 20 percent of correspondents are currently using OCR and data extraction methodologies.[1] Even when mortgage processors use OCR, depth of usage of this technology is also a challenge.

The new paper provides an overview of the history of OCR technology, a review of the challenges that have made wider adoption more difficult as well as methods for overcoming these challenges and achieving the benefits this technology offers.

Visionet has over 25 years of experience in the Mortgage domain. For more information about the company’s OCR technology or to download a copy of the new White Paper, visit the company’s website.

About Visionet Systems Inc.

Visionet Systems, Inc. is a leading services provider to the Mortgage and related industries. Through its digitally powered outsourcing services and technology innovations, it helps mortgage businesses transform their operations and scale their business effectively. As a part of mortgage processing services, Visionet delivers digital disruption by being the first company to offer zero cost technology as a part of its solutions. The company’s technology products complement its top of the line mortgage outsourcing services.

[1] “Market study report : Correspondent Lending”; April 2018; Capco