Ephesoft has been gaining momentum year after year in the financial services and mortgage industry by providing innovative and efficient solutions to customers. This week, Ephsoft was awarded as a top 100 technology winner by HousingWire.
According to HousingWire, their awards and criteria for winning are getting more competitive, as they received over 270 nominations in 2019. The winners were evaluated on being the most innovative and impactful solutions to the housing market.
This year, Ephesoft was nominated for launching its new hybrid cloud solution called Ephesoft Cloud HyperExtender. Ephesoft Transact, our core platform, with add-on Cloud HyperExtender seamlessly integrates cloud processing capacity for mortgage and underwriting documents with both new and existing cloud or on-premises deployments. This ensures consistent performance at times of peak demand while minimizing upfront investment while promoting fast response times and customer satisfaction.
“After working with the Ephesoft team on their beta version of Cloud HyperExtender, we’re feeling really optimistic about our early results,” said a financial services product specialist of a large Ephesoft customer that processes a high volume of mortgages and loans. “The Cloud HyperExtender was able to handle as much load as we could throw at it, which is a really great insurance policy for the ebbs and flows of our daily volume. We use Ephesoft Transact both internally for our employees, and externally for our customers. By offloading a chunk of our workflow to Cloud HyperExtender, we’ll be able to solve new business problems without having to worry about resources.”
How Ephesoft helps the industry innovate
Ephesoft’s flagship content capture and data discovery platform streamlines and automates high-touch, manual and content-heavy processes, accelerating the speed and accuracy of processing while reducing operational costs. Ephesoft helps mortgage originators, insurers and other financial services organizations automate their document-driven processes through patented, supervised machine learning technology. The Ephesoft Transact platform, which initiates key loan and business processes, removes the burdensome task of manually compiling, organizing and arranging mortgage documents. Over 60 lending institutions and secondary market insurers leverage Ephesoft to mitigate risks from human error, streamline workflow and reduce costs associated with processing loan packets.
Large banks or mortgage lenders that process a high volume of documents can benefit from Ephesoft Transact with Ephesoft’s new Cloud HyperExtender by bridging the gap during peak processing loads, saving valuable time and money. Organizations can optimize their existing on-premises or cloud systems by increasing processing up to 2,500 pages per minute in the cloud, while only paying for what they use – without adding servers, maintenance or labor costs. Processing loans, taxes, invoices and other critical data is secure and consistently fast, enhancing customer satisfaction. Ephesoft uses patented supervised machine learning technology to help its customers overcome document ingestion, classification and extraction challenges of manual data entry, slow response times and costly labor.
Ephesoft’s modern thin client architecture and Web Service OpenAPIs allow the platform to perform smart document capture into your existing Loan Origination System (LOS), Servicing and Web solutions as well as other back-office software.
With some loans exceeding 1,000 pages and hundreds of document types, manual classification of these documents is time-consuming and labor-intensive. Ephesoft identifies, classifies and organizes loans faster and more accurately than any human. In fact, customers report the ability to process at over 20 times the speed of manual human classification. No barcode separator sheets are needed for document identification, unlike other systems.
The key to manufacturing a zero-defect loan is often locked away in the data in the documents. Manual data entry from these documents is slow, error-prone and expensive. Ephesoft’s mortgage data extraction can identify, extract and validate hundreds of key fields within a package in a fraction of the time and cost of manual data entry. During loan classification and data extraction, validation is available for documents that fall below configurable confidence thresholds. If any documents or data fields are below the threshold, users can interface with the process to append results. Extracted data can easily be normalized and sent to your LOS, allowing endless data population and validation options.