Datacap Sees Growing Need for Data Capture, Index Tools.(document management by mortgage services)

Tarrytown, NY -- Scott Blau, CEO of Datacap Inc. here, says the market for imaging of mortgage documents will grow even stronger as lenders adapt standards for the creating and management of electronic documents and data.

"A lot of people are doing imaging, and they are all doing it a little differently," he told MSN recently. "The trend is that there is a strong desire to standardize this information."

That will require agreement between organizations and companies in the mortgage industry regarding the formats and structures to be used for the documents and data associated with mortgage loans, so that each recipient of loan files in the industry's food chain doesn't have to re-image documents from thick loan files.

Today, when a wholesale lender or servicer receives disks, they often come along with the paper documents. In many cases, the recipient has to go through and confirm that the paper documents and the images represent the same loan information and data as the paper documents rather than just accepting the images and electronic files.

He says the standards currently being adopted for SMART Docs go a long way but still leave some room for additional standardization. He believes that while it will take time, the incentives for the mortgage industry to embrace standards for imaging and indexing of electronic documents and data are strong enough for progress to be made. "The savings are so big it's going to drive the process," Mr. Blau said.

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