Colorado Housing and Finance Authority Digitally Transforms Mortgage Loan Processes with Kofax Software

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Solution Reduces Complex Application and Decisioning Processes from Days to Less than an Hour, Improving Efficiency and Customer Experience

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Kofax®, a leading provider of software to simplify and transform the First Mile™ of business, today announced that Colorado Housing and Finance Authority (CHFA) has digitally transformed the way it processes mortgage loan applications by implementing Kofax Capture™, Kofax Transformation™ and Kofax Analytics for Capture™. The solution has enabled CHFA’s loan application process to now be completely paperless, and offers lenders unprecedented visibility into the status of their loan applications.

  • At CHFA, all mortgage application documents are now captured with Kofax Capture, and then classified and indexed prior to Kofax Transformation extracting and perfecting all other business critical content. The CHFA system was fully trained with less than 150 document samples and deployed in four months, and has reduced application processing and approval times from as much as seven days to less than an hour.
  • CHFA added Kofax Analytics for Capture to deliver better insight into its application processing operations. Embedded in CHFA’s web portal, the solution allows lenders to gain near real-time visibility into the status of each loan application’s status.

Supporting Quotes

“Being able to capture, extract and access information over the entire lifecycle of a mortgage application process is really transforming our business. We’ve realized that capturing both document images and their unstructured content represents the next generation of leveraging content to produce business value,” stated Brian Mueller, CHFA Manager of Integrated Records Management. “Now that our analysts can work more efficiently and accurately, we can deliver a great service to our partner lenders on time, every time. The result is that our partners are driving more business toward us, so that we can ultimately serve more customers, providing homebuyers and businesses with the capital they need to flourish.”

“Kofax solutions transform the way organizations conduct business, often serving as the catalyst to significant productivity improvements and a better customer experience,” commented Reynolds C. Bish, Chief Executive Officer of Kofax. “CHFA found that improving its loan application processes and providing more visibility into that process enhanced employee performance and delivered better service to its lenders.”

Supporting Resources

Your Digital Transformation Journey: What is Your Digital Roadmap for Banking? white paper
Digitizing the Customer Experience in Banking webinar

About Kofax

Kofax is a leading provider of software to simplify and transform the First Mile™ of business. Success in the First Mile can dramatically improve the customer experience, greatly reduce operating costs and increase competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 25,000 customers in financial services, insurance, government, healthcare, higher education, supply chain, business process outsourcing and other markets. Kofax markets its solutions via a direct sales and service organization, along with a global network of more than 1,000 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific.

For further information contact Sylvia Chansler, (949) 783-1476, sylvia.chansler(at)kofax(dot)com.

© 2017 Kofax Limited. Kofax is a registered trademark and First Mile, Kofax Capture, Kofax Transformation, and Kofax Analytics for Capture are trademarks of Kofax Limited.

Source: KOFAX

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Sylvia Chansler
Kofax
+1 949-783-1476
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