Ephesoft, Inc., a leader in intelligent document processing automation and data enrichment solutions, and JIFFY.ai, a fast-growing leader in enterprise-grade automation technology, have announced a formalized, strategic partnership. This alliance will provide a premiere AI-based, cloud-native, low-code HyperApp solution for the mortgage and financial services industries. The companies’ combined capabilities will accelerate the end-to-end automation of complex mortgage origination and loan processing by integrating intelligent capture, machine learning, Robotic Process Automation (RPA) and cognitive processing technologies into a single, unified solution. The joint intelligent automation solution will enable mortgage service providers to implement the technology quickly, streamline workflows and increase overall productivity.
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Ephesoft and JIFFY.ai built their alliance due to the severe need for improved intelligent automation in the mortgage industry. In the second quarter of 2020 alone, nearly $1.1 trillion in first lien mortgages were originated. However, even with this massive surge in volume, lender operations executives have relied heavily on staffing overtime and only 8% have turned to rely on technology. The reason for this lack of reliance on technology is due to the burdensome nature of the mortgage loan process for all stakeholders, as well as the length of time technology implementations typically require. To overcome these challenges, JIFFY.ai and Ephesoft will tackle the barriers to rapid automation adoption and success by delivering the industry’s first Mortgage Loan Processing HyperApp.
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The power of the partnership lies in the integration of JIFFY.ai’s HyperApp automation software and the Ephesoft Transact intelligent capture platform. A HyperApp includes everything required to successfully automate complex business processes from end-to-end, including design, build, deploy, monitor and analyze. A HyperApp is self-contained, ready to deploy, and integrates easily into existing infrastructure. The Mortgage Processing HyperApp will encapsulate all the capabilities required to fully automate and dramatically accelerate the complete, end-to-end loan process for mortgage lenders.
The entire process starts with intelligent data capture, classification and extraction capabilities. Then the built-in RPA layers and machine learning deliver automation, while priority queues, a rules engine and fully automated workflows manage all the business needs. Finally, a human-in-the-loop approval layer completes the processing cycle.
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