lauramac, mortgage loan review provider a provider of SaaS technology announced Thursday that it has integrated with LoanLogix IdeaAn intelligent document processing and data extraction technology.
Thank you for reading this post, don't forget to subscribe!The result of the integration between IDEA and the Lauramac platform will “improve the quality and transparency of mortgage loan commerce,” LoanLogix CEO Dave Parker said in a statement.
LoanLogics IDEA uses machine learning, data extraction programs, and rule-based automation workflows to mimic human intelligence. According to the statement, the technology transforms digital documents into “classified, versioned loan documents from which data is extracted”. The resulting data will be integrated into LauraMac’s loan review and incorporated into workflows and processed by configurable rules.
According to the statement, classified documents are tied to their data pages and the extracted data points are loaded for the user, resulting in a more efficient process.
Launched in 2019, Lauramac offers its technology services to companies acquiring assets in the secondary market, including document management, loan acquisition and loan review.
The company’s cloud-based loan review platform, a transaction management system, is primarily used by third-party due diligence firms for review and quality control (QC) of loans. Its Loan Acquisition System (LAS) provides end-to-end solutions for buyers and sellers of loans.
In 2022, LauraMac was used to perform due diligence on over 35,000 loans with over 1000 users.
LoanLogics provides technology to lenders to automate the mortgage process. In addition to IDEA, it has also worked on automation for Home Mortgage Disclosure Act (HMDA) reporting and generation of Loan Activity Reports (LARs), allowing lenders to easily generate and submit LARs to the CFPB.
LoanLogics reportedly provides 95% coverage of co-issued buyers for MSRs and assists more than half of the industry’s largest MSR buyers.
In October 2022, Lauramac’s LAS is integrated lonnex, A provider of mortgage loan pricing, eligibility, lock management, and origination technology to help its customers provide pricing and qualification tools to their lenders and support lock management within its platform.
In April 2022, LoanLogics was launched loanbeam wages, An automated tool that allows lenders to calculate a borrower’s income using paper-based pay stubs and W2s.
Both companies were featured in HousingWire’s Tech100 last year.
