Purchase Advice automation reduces manual processing time by over 95%
ST. LOUIS - March 4, 2021 - PRLog -- OptiFunder® (www.optifunder.com), the mortgage industry's only Warehouse Management System (WMS) for originators, has released its latest mortgage origination AI solution, Purchase Advice ConnectTM, which replaces the manual tasks of reconciling investors' Purchase Advices. Purchase Advice Connect reads, reconciles and uploads data from investor's purchase advice documents to the originator's system of record or loan origination system (LOS). Using proprietary OCR and best-in-class cloud computing, Purchase Advice Connect reduces manual processing time for Lenders and Originators by over 95%.
Purchase Connect by OptiFunder
- Automates the processing of Purchase Advice from Investors with unlimited computational capabilities
- Updates the mortgage originator's system of record or LOS
- Saves 95% of manual processing time and virtually eliminates human error
- Utilizes proprietary OCR and leading cloud computing technology exclusively for the secondary mortgage market
- Offers a fully integrated, secure process
- Brings innovation and efficiency to secondary market transactions
"One of the greatest benefits of Purchase Advice Connect is the speed with which it can process Purchase Advice information," noted Brian Abbott, OptiFunder's Chief Operating Officer. "We leverage the best cloud computing technology allowing us to process hundreds of loans almost instantaneously. What takes employees in accounting or post-closing a significant portion of the day can now be done in moments. Purchase Advice Connect offers immediate ROI for mortgage originators."
Currently, for each loan sold, originators review each statement and manually input a dozen or more datapoints, sometimes making manual calculations as part of that process. Adding to the confusion, each investor's Purchase Advice can be uniquely formatted making it difficult to scale. Now, Purchase Advice Connect automates that process to a few clicks and virtually eliminates costly human errors. And Purchase Advice Connect recognizes myriad file formats and types (e.g., .pdf, .csv or Excel). "Others that have attempted to bring OCR to the mortgage industry rely on off-the-shelf OCR providers. OptiFunder decided to develop its own solution to ensure full flexibility and accuracy of handling Purchase Advices," states Abbott.
Mortgage Originators can obtain a demonstration of the simplicity and power of Purchase Advice Connect by contacting Carmel York, Vice President of Sales via email (Carmel.York@optifunder.com) or by indicating interest at https://optifunder.com/Company/get_in_touch.
"Purchase Advice Connect is such an important milestone for OptiFunder and the mortgage industry more broadly. OptiFunder's Warehouse Management System (WMS) now fully connects the primary origination market with the secondary mortgage market through its patented optimization engine, automated funding delivery, real-time data & analytics, and now Purchase Advice Connect," states Abbott.
OptiFunder is a fully integrated and automated Warehouse Management System for mortgage originators. OptiFunder developed a patented optimization algorithm to optimize where originators fund every loan to achieve the best financial performance. Additionally, OptiFunder automates the submission of data and documents between warehouse facilities and the lender, and investors and the lender, transforming the way mortgage lenders and originators perform funding and secondary market transactions. Visit www.optifunder.com to learn more.
Chief Operating Officer
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