New technology helps third-party outsourcers reduce labor costs when verifying mortgage documents
NEW YORK, Aug. 24, 2022 /PRNewswire/ -- Staircase, the company building an integrated, digital infrastructure to accelerate tech-enabled mortgages, has introduced a new software that helps business process outsourcers (BPOs) reduce labor costs by improving quality control in the mortgage document verification process.
Many lenders are outsourcing certain functions to lower costs and overcome the challenges of operating remote teams. One of the main tasks outsourced to BPOs is document verification which relies heavily on manual labor and off-the-shelf optical character recognition (OCR) technology to read documents. Staircase's Quality Control automates the document verification process by seamlessly combining a BPO's existing OCR provider with labeling software in a tight training loop where the labeling software guesses the value of the data missed by the OCR engine, the BPO staff verify the correctness of the data, and this new ground truth feeds back into the OCR engine to improve accuracy on a daily basis. The improved extraction accuracy leads to fewer and fewer documents being sent to the manual exception handling process, saving enormous time and cost.
"Document verification solutions that are efficient and affordable are critical to the mortgage process," said Staircase CEO and cofounder Adam Kalamchi. "Our Quality Control product helps third parties reduce labor costs by enabling OCR to get better and better over time with a self-learning loop. We of course also include advanced data and document security to ensure privacy standards are met."
"Staircase's new technology monitors and improves OCR results daily, resulting in increased cost savings over time," said Edmond Cukalla, Staircase product engineer. "It also tracks the productivity of human labelers which can be used for advanced training for current and new users."
With Staircase's technology, OCR providers can be easily changed in or out of the document verification process or can even be combined. The technology can be implemented in as little as one week.
For more information about Staircase's Quality Control product and to participate in a private beta, please email [email protected].
About Staircase
Staircase is an API and low-code marketplace which automates complex technologies and makes them self-serve for the U.S. residential mortgage industry. Focused on providing automation for complicated mortgage functions, it allows for the integration and orchestration of all U.S. mortgage industry technology providers and enables all parties throughout mortgage origination, insurance, and servicing to easily communicate with zero friction. Staircase is based in New York, with employees in over 20 countries. For more information, visit www.staircase.co.
Press Contact:
Mary McGarity
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(203)260-5476
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SOURCE Staircase
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