VisiOCR® Reaches Milestone by Indexing 10 Million Mortgage Documents Per Month

CRANBURY, N.J.--(BUSINESS WIRE)--Visionet Systems has reached a milestone of indexing 10 Million Mortgage Documents per month with its industry-leading auto indexing and data extraction solution VisiOCR. The news will be announced tomorrow at SIFMA’s Mortgage-Backed Securities Due Diligence Conference in New York.

Despite the decline in new mortgage originations, the file transfers caused by the down fall of some, and acquisition by others, are at an all time high. The due diligence required for these bulk transfers requires at the very least a sampling review of documents and data. There are generally 200-250 pages in a typical mortgage loan file. The process is very cumbersome if the workers have to deal with physical documents. As a result more and more companies image their files. However, for the sake of expediency and lack of foresight, many companies image a single file without breaking the image into component pieces of the packet such as the note, title, appraisal, etc. In our experience, when adequately indexing the file’s component documents, productivity is increased by at least 30%.

VisiOCR® takes a raw imaged mortgage file, converts it into the proper format, indexes the pages into desired categories and uploads the newly categorized documents into a client’s imaging repository. “VisiOCR® document recognition accuracy is high but there are always exceptions,” explained Arshad Masood, President of Visionet. Therefore we do a visual QC process as well. Most of Visionet’s clients opt for a packaged service solution instead of purchasing just the software alone. The files are provided to Visionet on a CD or via a secured network.

Visionet charges $2-$2.50 per file for indexing and guarantees 99% accuracy. This is 30% lower than the industry average.

“Visionet is the leader in Technology led BPO in the mortgage industry. It is only when you combine our leading edge technology with domain expertise that you bring demonstrable value to your customers. Our market-leading price point for a fully indexed file is proof of our technical prowess and value proposition,” said Masood.

About Visionet Systems

Cranbury, N.J.-based Visionet Systems is a full service mortgage consulting and business process outsourcing company that delivers products in the best-of-breed philosophy. Using a combination of consulting, metrics-based technology solutions and business process outsourcing, Visionet Systems helps lenders identify and remove inefficient processes to improve profitability. Founded in 1995, the company’s customers include mortgage lenders and servicers. For more information, visit www.visionetsystems.com.