MReport May 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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6 | M R EP O RT MTECH performance of secondary market assets. Optimal Blue's unique data can be used to build and tune portfolio models, including prepay- ment and valuation modeling for MBS and MSR portfolios. Market Research: Users can ef- fectively focus resources by gaining early insight into market activity that can help identify attractive geographies and demographics to offer products, direct marketing, or allocate capital. Optimal Blue's market data can be analyzed at a very granular level, including by city, MSA, county state, business channel, or institution type. Proprietary Forecasting: Closely associated with the application date, the data serves as a leading indicator to the housing and mort- gage lending markets. Users can leverage this powerful capability to accurately predict macroeconomic housing and mortgage metrics in advance of their release. This includes, but is not limited to, ex- isting homes sales forecasts, home price trends and indices, industry refinance trends, and mortgage rate and volume trends. Powered by Microsoft PowerBI, Market Analytics is preconfigured with several intuitive visualiza- tions that help the user quickly identify the data points important to them. The raw data behind Market Analytics is also available to the user via Optimal Blue's Market Data License. With Market Data License, users can seamlessly connect directly to their internal data warehouse, support custom analytics, and uniquely integrate Optimal Blue's raw data with in- house visualization solutions. LoanLogics Launches LoanLogics IDEA OnDemand to Save Time Processing Loans NEW TECHNOLOGY PROVIDES PRE-CLOSE AND POST-CLOSE REVIEWS OF LOAN UPLOADS. L oanLogics, a recognized leader in loan quality tech- nology for mortgage manu- facturing and loan acquisition, has launched LoanLogics IDEA OnDemand, a cloud-native digi- tal assistant that helps origina- tors automate the processing of loan documents on an as-needed basis and reduce staff costs. Available for use on documents associated with individual loans, IDEA (Intelligent Data Extraction and Automation) OnDemand is a highly secure technology that uses machine learning to classify loan documents and extract loan data in just seconds. IDEA OnDemand is able to identify more than 400 different document types and extract more than 8,000 individual data elements, with many critical documents and data elements achieving over 95% accuracy. It includes an exception management tool that enables lenders to address document and data extraction discrepancies in real-time. IDEA OnDemand leverages the technology behind LoanLogics IDEA, a managed service through which LoanLogics provides pre- close or post-close reviews of bulk loan uploads, as well as exception management services. "For too long, loan originators have struggled with costly and er- ror-prone manual processes when it comes to validating and verify- ing loan documents," said Dave Parker, LoanLogics' Chief Product Officer. "IDEA OnDemand offers originators the opportunity to see how our intelligent classification and data extraction technology can greatly reduce the time and effort they spend on processing documents for individual loans. Significant benefits result from redeployment of staff to more meaningful work and minimizing document processing tasks to sim- ply managing exceptions. There is nothing else on the market like it." IDEA OnDemand features LoanLogics' unique automated document recognition (ADR) technology, which uses machine learning tools to greatly expand the types of loan documents that can be classified through automa- tion. It also includes the company's automated data extraction (ADE) technology, which employs textual analysis to extract thousands of data elements from both structured and unstructured documents in seconds. IDEA OnDemand includes an external API and offers flexible options for data output file formats that include JSON and MISMO 3.4 iLAD. It also requires very little time and IT support to implement. LoanLogics is currently offering a "try before you buy" program, enabling originators to experience the value of IDEA OnDemand on a trial basis at no cost. "With IDEA OnDemand, it's never been easier for lenders to access machine learning technol- ogy to accelerate the origination process," said LoanLogics CEO Bill Neville. "Our IDEA tech- nology provides a high level of accuracy for automated document indexing and data extraction at a fraction of the expense of process- ing documents manually. If lend- ers want to find out how much intelligent document processing and data extraction can lower their costs, all they have to do is try it." Streamlining Paperless eClosings TECHNOLOGY LEVERAGES AI, TO SCAN AND PARSE DOCUMENTS. D ocMagic, Inc., a provider of fully compliant loan document prepara- tion, regulatory compliance, and comprehensive eMortgage services, announced the launch of AutoPrep, a new technology that enables the company's Total eClose platform to accept docu- ments from any source—includ- ing non-e-enabled documents. AutoPrep leverages sophisticated artificial intelligence, OCR, and machine learning technologies to scan and parse documents, locate all signature and notary regions, and then electronically tag them for eClosing, thus changing any document into a fully e-enabled document in seconds. As a result, lenders can use loan documents produced by virtu- ally any document provider, from standard documents to partially e-enabled documents, with Total eClose and benefit from the tech- nology's end-to-end, 100% paperless eClosing process. AutoPrep can learn the nu- ances of specific documents and adjust accordingly going forward, identify whether signatures are improperly placed or missing, find e-tags placed by other provid- ers, and even read documents that have been partially but not fully converted into e-enabled documents. In addition, because AutoPrep flags documents when it identifies situations that are outside the norm, closing personnel can be more productive by managing exceptions, rather than combing over every page of a document package. "With AutoPrep, there isn't a single document that cannot be converted into a compliant e-en- abled document and brought into Total eClose for electronic signa- ture," said Dominic Iannitti, CEO of DocMagic. "While eClosings are more efficient, compliant, and en- able the level of service consumers expect, they aren't as common as they should be. One reason is that some lenders are tied to systems that don't produce e-enabled docu- ments. With AutoPrep, lenders can transition more quickly to an eClosing workflow bringing ef- ficiency, consistency and significant improvement to the user experi- ence." AutoPrep is a feature of DocMagic's Total eClose platform, which was recognized as the mortgage industry's leading eClos- ing technology based on market share, overall satisfaction, and lender loyalty in STRATMOR Group's 2019 Mortgage Technology Insight Study. A comprehensive solution, it delivers a completely paperless workflow and seam- lessly integrates every component of the closing process. "DocMagic is known for its commitment to moving the mortgage industry forward with advancements like a 100% paper- less end-to-end eClosing process," Iannitti said. "As the industry's eClosing leader, we are posi- tioned to fill the gaps left by less advanced technologies. AutoPrep solves the longstanding and frustrating challenge that lenders face when they want to advance to eClosing, but are held back by their technology providers."

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