Blue Sage, an Englewood Cliffs, New Jersey-based digital lending platform, as per recent reports, has announced entering into a partnership agreement with Capsilon, a San Francisco, California-based intelligent solution provider to the mortgage industry, to bring in the document recognition and data extraction tech onto the Blue Sage digital lending platform.
“Capsilon IQ perfectly and seamlessly complements our robust workflow tools and enhances our ability to deliver a truly unique, digital mortgage experience,” Blue Sage CEO Joe Langner states. “Not only will Capsilon’s technologies help save our lending clients time and money, but they will also improve quality and efficiency at every stage of the mortgage lifecycle.”
The New Jersey-based LendTech’s platform features a browser-based Digital Lending Solution that supports deployment over a wide variety of mortgage channels, including the wholesale, retail, and correspondent lending.
Capsilon’s flagship digital mortgage solution – the Capsilon IQ, will be embedded into the Blue Sage digital lending platform via Blue Sage’s APIs to enable capturing mortgage data from relevant documents, thus helping the Blue Sage team with the labor-intensive work involved in the extraction process.
Sanjeev Malaney, Capsilon CEO, stated that both the companies aim to “help drive down origination costs while helping our mutual customers take on more volume, scale appropriately, and create key competitive advantages that drive their business growth.”
Earlier this year, at the beginning of 2019, Capsilon announced that its “Capsilon IQ” mortgage solution enabled companies all around the world to save more than five million people hours last year, in 2018. Furthermore, the company raised $21.4 million in investment funding, with Francisco Partners as one of its investors.