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Flagstar Bank


A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
 
The company's industry-leading information capture platform was implemented by Flagstar Bank to enable more efficient processing of hundreds of thousands of mortgage and loan documents that the bank receives from its national network of home loan offices and wholesale lending customers. The installation at Flagstar demonstrates the power of their information capture technology in a high-volume capture environment, and illustrates how forward-thinking enterprise companies in the mortgage and home loan industry are optimizing their business processes to reduce operational costs, said Anthony Macciola, vice president of development and marketing at Kofax. With Ascent, Flagstar has created a more effective method of processing mortgage and loan data, and significantly increased the efficiency of its organizational infrastructure, which provides Flagstar with an opportunity to better serve its customers.
 
Due to the immense volume of loan forms and mortgage documents that they process on a weekly basis, Flagstar needed a robust information capture system that was capable of managing their enterprise's different document types while maintaining their high standard of quick turnaround time for mortgage processing, said Charles Kirkpatrick, Executive Vice President at Flagstar Bank. Kofax's Ascent Capture technology enables complete control over the loan processing workflow and consistently delivers high-quality images of customer loan data. With the reduction in errors that they see, Flagstar can process loans faster and move their  customers closer toward home ownership.
 
The company realized that in order to keep up with the volume of different documents that it was receiving from around its national network; the bank needed a means to capture data immediately and accurately, said Robert DuBois, Vice President at Pyramid Solutions, Inc. The resulting information capture solution provided Flagstar with an easy-to-use, seamless interface for managing its documents and significantly improved its mortgage processing operations.
 

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