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Special Reports
Mortgage Fraud
PC Checking for Prints
By Anthony Garritano
PaperClip Software is using fingerprint technology today as a more foolproof way
to recognize mortgage documents.
The new application called DocRec automatically classifies incoming imaged documents
by type, rotates and aligns them as necessary, reports exceptions and fraud, and conducts document type translation,
thus eliminating today's time-consuming, manual process of handling incoming imaged documents. The application
is already being deployed by one of the nation's largest financial institutions.
In terms of price and delivery, the technology is leveraged in combination with
PaperClip's Internet eXpress electronic document delivery service, and is available both as a product and as a
pay-per-use service, depending on a user's needs. "If you look at the technology the government uses in its
[fliers], why not use that same technology to apply to documents and images in the mortgage space," said Mike
Bridges, president of PaperClip Software. "Prudential is using our technology on the insurance side today.
Think about it, if I can capture all the closing docs and compare them electronically to see that the fingerprinting
is native to that document, I can verify the validity of the document on the fly. "Now, I can create an exception
report more efficiently and re-order only what I need," he said. "The biggest uptake, aside from the
higher level of compliance, is the ease of use because the system automatically recognizes the fingerprints and
recognizes the docs without the user having to do anything."
DocRec features page-level recognition technology which automatically rotates
pages to proper orientation and de-skews images created by poor source documents or scanning miscues. It re-orders
pages that were captured out of sequence, and identifies missing documents or pages. The technology also detects
fraud in the case of altered documents failing fingerprinting checks. "PaperClip's DocRec enables users to
receive documents in good order, eliminating the need to search for missing pages or documents," added Mr.
Bridges. "It offers senders a simple workflow minimizing the receiver's workflow requirements and provides
the necessary detail for target document management workflow. DocRec is taking imaging to all-new heights. "The
technology automates the receipt and entry of imaged documents, dramatically simplifying the use of imaging technology.
This is going to completely change the way companies view the use of imaged documents."
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