1 Verification Process In modern mortgage origination process, a lender will receive, often by piecemeal, a number of different documents. Upon receipt, the task turns to verification that the document is correctly submitted (it is the document requested) and meets certain criteria such as a pay stub, issued within the last two months. This process often incurs lag due to when the document issubmitted, in what manner it is submitted, and how many documents need to be reviewed. 2 Document Separation Another related task is the process of separating one document from another. Lenders and servicers like to deal with individual documents so if more than one document is submitted as a single file, that file is “burst” into individual files where each file represents a single document. This process can take quite a bit of time since the person performing the task must first identify the document and then page through the file and locate the last page, and then create an individual file. 3 Potential for Error For both tasks, it is almost always a process of first classifying the document, and then separating it into an individual computer file. For both of these tasks there is a significant opportunity to introduce error in addition to delays. For document classification, a credit card statement showing liabilities may incorrectly be identified as a bank statement showing assets. This introduces unnecessary delays and customer frustration. For document separation, the credit card statement may be correctly identified, but an error could be made such as incorrectly including the last page showing the balance with another document. This affects downstream processes that rely upon verifying total liabilities, which need immediate access to the page where the value resides. 18 Straight Through Processing - Document Automation