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

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…

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