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OUTSOURCED MORTGAGE SOLUTIONS - Loan Document Imaging |
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Challenge: The large volume of paper associated with documents and files, coupled with the need to distribute and share the information with multiple parties internally and outside the enterprise, negatively impacts the efficiency of business operations.
Solution: Lydian Data Service offers conversion of physical files to an electronic representation creating opportunities for workflow/process improvements including improved security, regulatory compliance and production loan balancing advantages. |
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Lydian Data Services offers a full array of imaging services and capabilities enhancing loan data integrity, automating loan classification, extracting loan data from electronic files, and making loan document image delivery seamless.
Document Classification
Lydian uses a multiple set of cascading classification engines, which fully classify approximately 80 percent of a typical retail loan file into 75 document classes consisting of more than 1,000 distinct document types. This process is performed entirely on the imaged file, separating the classification logic from the file preparation step resulting in over a 99 percent classification accuracy performance. Lydian can then deliver images to additional destinations in any customer defined document order. Furthermore, Lydian is capable of extracting specific documents that the customer requests from the scanned file.
Loan Data Extraction
Data extraction is the electronic equivalent of typing the contents of a document into a computer system. When combined with a human operator for exception handling, data extraction can increase data accuracy, reduce data acquisition time and reduce data acquisition costs. Data extraction reduces the cost of gathering data from documents in two ways; it allows most of the data to be captured using optical character recognition, and allows the residual data to be captured by lower-cost data capture workers (freeing knowledge workers from a task largely unrelated to their primary occupation).
Mortgage Document Center / Imaging Viewer
Lydian Mortgage Document Center (MDC) allows users to navigate all virtual loan files in a user friendly environment. Additionally, users can move documents and pages from one document class to another as well as create, delete, upload, print, create Acrobat PDFs, or other formats, and reorder any documents. Furthermore, clients and customers can view the same information at the same time. For quick navigation to doc viewing, thumbnails of images are provided. Documents can be moved/reclassified, hidden, and deleted within the viewer based on roles determined by permissions/login credentials.
EFX (Enterprise File Exchange)
Lydian's Image Classification and Delivery Service offers Mortgage Lenders, Aggregators, or Investors the ability to totally automate the flow of images from their point of origin to their destination. Loan specifications such as stacking order of any investor, format and/or grouping can be seamlessly changed.
Paper File Retention / File Destruction
Lydian stores files for up to two weeks and maintains a relationship with a nationally recognized third party if the file needs to be stored longer. Lydian provides File Destruction with Certificates of Destruction.
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