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As lenders look to image documents for compliance purposes and servicers look to image documents to better track high volumes of paper, more and more lending professionals are turning to optical character recognition technology.
"Everything LenderLive has done over the past seven years has been in a paperless environment," said Rick Seehausen, president and chief executive officer at business process outsourcing firm LenderLive Network.
"We image everything at the point of receipt. We use document recognition to identify docs so they can be characterized. We used technology to recognize data elements so they can be analyzed. We use OCR to expedite imaging and data extraction.
"We currently...