DENVER and PLANO, Texas, May 12, 2015 (GLOBE NEWSWIRE) -- Mortgage fulfillment outsource services expert, Titan Lenders Corp. (Titan) and Top Image Systems, Ltd. (Nasdaq:TISA), a global innovator of intelligent content processing solutions, today announced that Titan selected eFLOW® Digital Mailroom from Top Image Systems to automate their mortgage loan package processing. Enthusiastic about the significant business value that Titan will gain by automating loan package document review, classification with supervised machine learning and validation, streamlining them together into one process to comply with strict industry regulations, the two companies have agreed on a partnership to expand the reach of eFLOW® in the U.S. mortgage industry.
Titan outsources back office operations for mortgage providers, carrying out a broad range of form-driven fulfillment services for banks and other financial institutions, from compliance to investor-based whole loan purchase review to warehouse line post-funding QC. In the past, Titan had to manually review and classify all the documents and images they received for each loan package to check for missing or incorrect entries and signatures. The process was error-prone, tedious and time-consuming. The complex relationships between different levels of customers and different forms used by different parties further complicated the tasks.
Following participation in a strict and exacting four-month long RFP process, Top Image Systems was then selected to carry out a "proof of concept" to demonstrate its ability to meet Titan's requirements. Titan chose eFLOW for its flexibility, comprehensive and thorough functionality, including its ability to integrate smoothly with the proprietary web-based TITAN system. Titan was looking for an expert, hard-working, and effective partner that would collaborate with Titan to build high quality functionality into their mortgage imaging services.
Within six months, the two companies completed Phase 1 of the implementation, during which eFLOW learned to automatically classify some 270 document types and process the packages in accordance with different requirements per customer in terms of document order and format. eFLOW checks all incoming documents, applying machine learning algorithms to classify the document type. A PDF is created for each loan package and bookmarked for the specified customer for accurate tracking of the status of the component forms, as well as of the trailing documents. Accelerating this stage of the process enables Titan to proceed with the compliance validation and other sub-processes sooner, compressing the entire loan fulfillment cycle and improving service to the banks and their customers.
In the Summer, Titan plans to initiate Phases 3&4 to add extraction and validation of the data in the forms' fields, including extraction of borrower's name, interest rates, loan amounts and the content in hundreds of other fields, as well as signature and date detection.
"Titan expects eFLOW's functionality to execute rapid, accurate data recognition and classification for extremely high volumes of complex, varied types of documents to significantly increase productivity and - more importantly – expand production efficiency and overall loan fulfillment capacity. In short, we will be able to grow revenues by controlling FTE count while providing more efficient service to a larger number of satisfied customers," remarks Mary Kladde, CEO Titan Lenders Corp. "eFLOW will significantly improve and increase visibility and the transparency of loan level document data. It will also help Titan comply with increasingly demanding industry regulations and standards. As a proactive member of the industry, Titan, in partnership with Top Image Systems, looks forward to taking a leading position in bringing solutions to bear for data normalization and compliance. We are looking forward to raising the bar on automated loan package fulfillment, thereby attracting progressive financial institutions and driving digital business."
"Top Image Systems sees huge potential for expediting onboarding and loan fulfillment processing in the mortgage industry," comments Gordon Sellers, VP, Strategy and Product Management, Top Image Systems. "By collaborating with experts such as Titan, we expand our industry knowledge and combine that knowledge with technology to support use cases for financial and insurance providers that not only increase efficiency, but raise revenues thanks to improved customer engagement and experience."
About Titan Lenders Corp (TLC)
Denver-based Titan Lenders Corp. (http://www.TitanLendersCorp.com/) was originally founded to meet the mortgage industry's increasing appetite for a variable cost solution to operational challenges. Today, that mission has expanded to include supporting strategic channel growth for lenders, servicers and investors evolving their businesses in an increasingly complex regulatory environment. As such, Titan's core offerings have expanded to include MERS audit services, data reconciliation, document custody and whole loan purchase review. Additionally, Titan has also created a correspondent investor subsidiary, Titan Capital Solutions, to purchase jumbo mortgage loans.
About Top Image Systems
Top Image Systems™ (TIS™) is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization. TIS's eFLOW® is a common platform for the company's solutions. TIS markets its platform in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company's website www.TopImageSystems.com for more information.
Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Europe and Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Titan Lenders Corp Press Contact: Kerri Milam President, Depth Public Relations, LLC Kerri@DepthPR.com +404.378.0850 www.DepthPR.com TIS Company Contact: Shelli Zargary Director of Corporate Marketing email@example.com +972 3 767 9114 TIS Investors Contact: James Carbonara Regional Vice President, Hayden IR firstname.lastname@example.org + 1 646 755 7412
Source:Top Image Systems Ltd.