POMPANO BEACH, Fla., Oct. 23, 2017 (SEND2PRESS NEWSWIRE) — ACES Risk Management (ARMCO), the leading provider of financial quality control and compliance software, has announced that it has launched ACES Automated Document Manager (ADM), a new technology that uses robotic process automation to automate the core activities lenders undertake to reduce gross loan defects. ARMCO will be demonstrating ADM, which is available through ARMCO’s ACES Audit Technology™ and as a stand-alone product, by appointment at MBA’s Annual Convention and Expo 2017 in Denver, Colorado.
ADM uses robust OCR (optical character recognition) technology to automatically identify, bookmark and organize loan documents, as well as to alert users of any missing documents associated with loan files. These are lenders’ core activities associated with identifying and reducing gross defects. Users simply place the loan document files into a secure folder and ADM automatically parses, sorts and labels the documents—completing in moments what traditionally takes upwards of one hour per file with manual processes.
ADM can parse hundreds of PDF files in minutes using advanced robotic process automation, an emerging form of process automation technology based on the notion of software robots or artificial intelligence (AI) workers.
“Loan files can contain 500 or more PDFs or imaged documents that must be sorted and accounted for if lenders want to reduce gross defects. That’s a time consuming, error-prone process when done by hand,” said Phil McCall, president of ARMCO. “At ARMCO, our focus is helping lenders to not only elevate loan quality, but also cut costs, reduce turn times and gain efficiency. Automated Document Manager reduces defects while saving time. That’s especially valuable for large volume lenders and outsourced QC providers.”
ARMCO – ACES Risk Management delivers web-based audit technology solutions, as well as powerful data and analytics, to the nation’s top mortgage lenders, servicers, investors and outsourcing professionals. A trusted partner devoted to client relationships, ARMCO offers best-in-class quality control and compliance software that provides U.S. banks, mortgage companies and service providers the technology and data needed to support loan integrity, meet regulatory requirements, reduce risk and drive positive business decisions.
ARMCO’s flagship product, ACES Audit Technology™, is available at any point in the mortgage loan lifecycle, to any size lender, and is user-definable. ACES standardizes audit requirements, ties pre-funding reviews to post-closing quality control audits, enables seamless trend analysis, identifies credit, compliance and process deficiencies and helps create manageable action plans. For more information, visit http://www.armco.us/ or call 1-800-858-1598.
News Source: ACES Quality Management