Introduction: In the Lender platform, documents are essential for managing loan information efficiently. This article explains how documents are organized, how key data points are extracted, and how these elements integrate seamlessly within the platform.
Document Organization:
1. Document Collection: Each loan within the Lender platform maintains its own collection of documents. These documents encompass all necessary files related to the loan application, such as income verification forms, credit reports, property appraisals, and more. This structured collection ensures that all relevant documents are stored in one place for easy access and management.
2. Document Types: To streamline document management, each document is categorized by type. Document types may include, but are not limited to:
Income Verification
Credit Reports
Property Appraisals
By categorizing documents, the Lender platform simplifies the process of finding and managing specific types of documents.
3. Key Groups: Document types are further organized into key groups. These groups bundle related document types together, creating a logical structure that enhances document management and retrieval. For example, all income-related documents may be grouped together, making it easier to locate and review them as needed.
Extraction Fields:
Each document in the Lender system includes extraction fields, which represent the key data points within that document. These fields are crucial for identifying and extracting important information from the document. For instance, an income verification document might have extraction fields for income amount, employer name, and pay period.
Automatic Data Extraction:
The Lender platform uses advanced technology to automatically extract data from these extraction fields. This process involves scanning the document and identifying the key data points based on predefined templates and machine learning algorithms. The extracted data is then made available throughout the platform for various uses.
Integration with the Lender Platform:
Once extracted, the data from the documents integrates seamlessly with the rest of the Lender platform. This integration allows the extracted data to be used in several ways:
Automation: The extracted data can trigger automated workflows, reducing manual intervention and speeding up the loan processing time.
Expression Engine: The data can be utilized in the Lender Expression Engine to create dynamic and responsive workflows based on the specific details of each loan document.
Tracking and History:
The Lender platform maintains a comprehensive history of all document changes. This feature ensures that any modifications to documents are recorded, providing a full audit trail. Users can review past changes, understand the evolution of the loan data, and ensure compliance with regulatory requirements.
Role-Based Access:
Access to documents and their sections within the Loan Editor is controlled based on user roles and permissions. This role-based access ensures that users only see and interact with the documents relevant to their responsibilities, maintaining data security and confidentiality.
Conclusion:
Document management in the Lender platform is designed to enhance the efficiency, accuracy, and compliance of the loan origination process. By organizing documents by type and key groups, leveraging automatic data extraction, and integrating extracted data throughout the platform, Lender ensures a streamlined and robust document management system.