The StoneHill Group (TSG), a third-party mortgage services firm, has teamed up with BeyondRecognition (BR) to implement BR’s visual classification technology.
With the partnership, TSG will use the technology to enhance the accuracy, flexibility, and turnaround time of its loan services, ranging from traditional loan quality control to litigation-based loan reviews and other RMBS services.
"The essential functionality for any review of residential mortgage files is being able to accurately identify which documents and data are present,” TSG President Patrick Gluesing said. “All downstream functions depend on this. BR's unique visual classification system avoids the cost and inefficiencies of the normal industry approach of using text-based OCR [optical character recognition] augmented with extensive manual clean up."
"BR technology creates self-forming groupings of visually-similar documents that our clients can then rapidly classify,” said John Martin, founder and chief executive officer of BeyondRecognition. “This allows organizations to bypass the high-cost and low-quality OCR technologies that, for many years, have been the backbone of the legacy approach to document-centric workflows."