OARS - OCR-based Affidavit Review System | Visionet Systems

11/21/16, 1'09 AM

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Industry Solutions

Enabling a Quick and Accurate

Foreclosure Process

IT Products & Accelerators

Lending Solutions

Business Challenge
Mortgage Loan Servicers face challenges in keeping up with the demands of the
legal process that requires them to review all legal Flings for processing
foreclosures in the judicial system. Servicers routinely lag behind on completing
the legal package reviews in a timely manner, or overspend on the human
resources assigned to these review tasks. Delays often cause the information
listed on the legal documents to become outdated, necessitating revisions by the
Visionet came in with key
legal Frms and resulting in additional costs.
domain understanding of our
business and in short order
If the legal Flings are not carried out in time, regulatory authorities or investors
helped us craft a reporting
impose Fnes on loan servicing Frms, resulting in further costs and delays in
structure on time and in
completing the foreclosure process.
budget. We value their
expertise and partnership to
our company
Our Solution OARS for Foreclosure Affidavits

Validation

Mr. Stuart
Werner
Global CIO
STEVE
MADDEN

Testimonials

We had changed our ecommerce platforms several

times but still struggled to
=nd the right platform to
meet our growing business
demands. We needed the
new Demandware platform to
be implemented before the
holiday season, and Im
thrilled that Visionet Systems
was able to deliver against a
tight deadline.

Melissa Woolf
VP Marketing &
e-Commerce
Operations
KUIU

OCR-based AfFdavit Review System (OARS) by Visionet is an Enterprise Class

solution which facilitates automated validation of foreclosure afFdavits to ensure
that borrower and loan information listed on the legal documents is accurate. The
system employs OCR technology to glean borrower and loan information from
legal documents, and compares it with the original loan documents and system

https://www.visionetsystems.com/oars

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OARS - OCR-based Affidavit Review System | Visionet Systems

11/21/16, 1'09 AM

data. The results of this automated comparison, and any discrepancies

discovered through the automated review process, are presented to the user so
that all legal submissions are reviewed by a person before the documents are
signed. OARS makes the whole process extremely efFcient.
This is how Visionets OARS works:

Review Workflows
OARS uses workXow based assignment to assign legal package review and
validation tasks based on each users workload and role specialization. OARS
measures individual and team level productivity and allows for departments to
track and meet each process SLA.

Rules Based Validation

OARS uses built-in business rules to do a three-way compare between:
! Loan data from the servicing system (out of the box support for MSP data),
! data captured via OCR from loan documents (Mortgage, Notes, Assignments
etc.),
! and data captured via OCR from legal packages
This ensures that legal documents contain the most accurate data. Business
rules are also used to validate data integrity to ensure that loan data is correctly
computed and listed on legal documents.

Support for State and Local Legal Templates

OARS provides support for OCR of a number of state and local legal document
templates out of the box, and Visionet facilitates rapid conFguration of OCR
document templates for new or updated state and local documents as part of the
system administration and maintenance processes.

Evidence of Due Diligence

OARS captures all user actions and data updates, and maintains a complete audit
trail for both. This complete history provides comprehensive evidence of the due
diligence carried out by the servicer before legal submissions are made.

Dashboards and Reports

OARS provides a comprehensive dashboard to managers and executives to
provide:
https://www.visionetsystems.com/oars

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OARS - OCR-based Affidavit Review System | Visionet Systems

11/21/16, 1'09 AM

! Real-time information on all the loans processed in the system

! Useful trend analysis for accuracy of information in the documents
! Analysis of patterns of errors discovered during the process
This allows inefFciencies in the process to be corrected over time, resulting in
continual improvement in the accuracy of legal submissions.
OARS also provides a number of work management and loan status reports to
facilitate process management by the servicer.
INDUSTRY EXPERTISE

SERVICES

SOLUTIONS

RESOURCES

COMPANY

Pay as you go Pricing

(HTTPS://WWW.VISIONETSYSTEMS.COM/)

CONTACTprovides
US (HTTPS://WWW.VISIONETSYSTEMS.COM/CONTACT-US)
Visionet
OARS software in the cloud through a Xexible pay as you go
pricing model, which eliminates the need for a dedicated internal infrastructure
and converts the servicers cost model from Fxed price and capital-intensive to
variable price and capital-efFcient.

Schedule a Meeting

SEARCH

"

Call 609-452-0700
(https://www.visionetsystems.com/schedule-a-meeting/?request_page=OARS)

Additional Resources

Webinars

Challenges in meeting the GSE mandate

for uniform closing dataset (UCD)
delivery
Date: September 20th, 2016 02:00 PM
EST
Learn More & Register

(https://www.visionetsystems.com/challengesmeeting-gse-mandate-uniformclosing-dataset-ucd-delivery)

https://www.visionetsystems.com/oars

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