Flagstar Bank Expands Kofax Solution with New Document Separation Technology

Kofax (LSE:DCM), the world's largest information capture vendor, today announced that Flagstar Bank (NYSE:FBC), one of the nation’s leading originators of residential mortgage loans, has expanded its current Kofax information capture solution to include the Kofax INDICIUS 5.0 suite. With the newly integrated automatic document separation technology, Flagstar Bank will be able to further increase efficiency and reduce costs associated with processing the hundreds of thousands of mortgage and loan documents the bank receives on a weekly basis from its national network of home loan offices and wholesale lending customers. "With the immense volume of paper mortgage documents we process each week, we needed the most advanced information capture solution available to meet our continued business goal of leadership in paperless mortgage processing,” said Steve Brooks, executive vice president and chief operating officer – Lending, Flagstar Bank. "By coupling INDICIUS with Kofax's Ascent Capture technology, Flagstar has full control over the loan processing workflow — and the added benefit of reducing human error and lowering administrative costs through the automated document separation and completion feature. This advancement is just one more step in Flagstar’s progression to real-time mortgage processing,” Brooks said. Automatic document separation eliminates the need to insert separator sheets, as well as substantial costs in consumables associated with printing separator sheets, such as paper, ink, and toner. INDICIUS 5.0 also greatly reduces the cost of human errors associated with manual document separation, which is otherwise unavoidable whenever a document-preparation employee must read a document and determine its content. Such errors lead to high quality control (QC) and validation costs to ensure accuracy. Version 5.0 provides a significant improvement in accuracy and greatly reduces QC costs. "Flagstar’s decision to expand its current Kofax information capture solution underscores the power of our information capture technology in paper-intensive capture environments,” said Rob Klatell, chief executive officer of Kofax’s parent company, DICOM Group. "Our goal has always been to develop technology that can solve real business challenges. We continue to see demand from organizations, especially those in paper-intensive environments like banking, insurance, healthcare and government, for Kofax’s information capture products to help automate business processes.” Pyramid Solutions Inc., a Bingham Farms, Mich.-based software and systems integration firm, and a Kofax Certified Solutions Provider (CSP) that specializes in helping companies achieve efficiency by streamlining business processes, assisted with the expanded installation at Flagstar Bank. About Flagstar Bank Flagstar Bancorp, which has $15.1 billion in total assets, is the largest publicly held savings bank headquartered in the Midwest. Flagstar Bank is a leading residential mortgage wholesaler, with an extensive national network of mortgage brokers and correspondent lenders. Flagstar also operates a national retail network of home loan centers and 146 retail banking centers located throughout Michigan, Indiana, and Georgia. Further information about Flagstar Bank can be found at www.flagstar.com. About the Kofax INDICIUS 5.0 Suite As a suite of advanced capture modules for the Ascent Capture platform, INDICIUS 5.0 is a set of software tools that automates the recognition, extraction and indexing of information from business documents and forms while automating data capture, routing and categorization for unstructured documents. By integrating these tools with advanced patent-pending algorithms for automatic document separation, INDICIUS 5.0 becomes the most sophisticated set of software tools for advanced information capture available today. About Kofax Kofax, a division of DICOM Group plc (LSE:DCM.L), is the world's leading provider of information capture software, according to research by Harvey Spencer Associates. Kofax products enable the automation of business processes by collecting paper documents, forms, and e-documents from throughout organizations, transforming them into retrievable information, and delivering it all into line-of-business applications, databases, and archives. The company's Ascent platform is the most popular information capture application worldwide, and its VRS (VirtualReScan) is a de facto standard for scanning productivity. Kofax products are widely used in finance, government, insurance, healthcare, and a broad range of companies and agencies that must capture critical business information from paper and electronic documents and forms. Kofax, Ascent, Ascent Capture, and INDICIUS are trademarks or registered trademarks of Kofax Image Products, Inc. All other trademarks and registered trademarks belong to their respective owners.