LauraMac, a provider of mortgage loan review SaaS technology, announced on Thursday that it has integrated with LoanLogics IDEA, an intelligent document processing and data extraction technology.
The outcome of the integration between IDEA and the LauraMac platform “will improve the quality and transparency of mortgage loan commerce,” LoanLogics CEO Dave Parker said in a statement.
LoanLogics IDEA uses machine learning, data extraction programs and rules-based automation workflow to mimic human intelligence. The technology transforms digital documents into “classified, versioned loan documents from which data is then extracted,” according to the statement. The resulting data will then be integrated into LauraMac’s Loan Review and incorporated into the workflow and processed by configurable rules.
Per the statement, the classified documents are tied to their data pages and the extracted data points are loaded for the user, resulting in a more efficient process.
Launched in 2019, LauraMac provides its technology services for companies acquiring assets in the secondary market, including document management, loan acquisition and loan reviews.
The company’s cloud-based Loan Review platform, a transaction management system, is mainly used by third-party due diligence firms to review and quality control (QC) loans. Its Loan Acquisition System (LAS) provides an end-to-end solution for buyers and sellers of loans.
In 2022, LauraMac was used to perform diligence for more than 35,000 loans with more than 1000 users.
LoanLogics provides lenders technology to automate the mortgage process. In addition to IDEA, it has also worked on automation for the Home Mortgage Disclosure Act (HMDA) reporting and the generation of loan activity reports (LARs), allowing lenders to create and submit LARs to the CFPB with ease.
LoanLogics reportedly provides 95% coverage of co-issuance buyers for MSRs and assists more than half of the industry’s largest MSR buyers.
In October 2022, LauraMac’s LAS integrated with LoanNex, a provider of mortgage loan pricing, eligibility, lock management, and origination technology, to help its clients provide pricing and eligibility tools to their lenders and support lock management within its platform.
In April 2022, LoanLogics launched LoanBeam Wage, an automated tool that allows lenders to calculate a borrower’s income using paper-based pay stubs and W2s.
Both companies were featured on HousingWire’s Tech100 last year.
