In a previous post, we talked about the move away from paper loan documents and the concept of a form, which is basically a static document with spaces to hold specific data that must be manually changed. This migration away from forms and toward data driven loan documents is enabling great improvements in processing speed, customer satisfaction and the development and release of new loan products.
In the old days of static loan forms, complicated technologies were require to pull data out of the document for use in the lender’s processing system. In most cases, lenders were forced to scan a document into their systems and then count on specialized technology to pull the information out of the document image. There was a lot of X and Y coordinate measuring going on. If the loan document did not look exactly as expected, errors resulted. There was also no way to account for additional space. A long address, multiple buyers or complicated information could often not fit into the predefined space allowed for each field.