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» VISIT US ONLINE @ DSNEWS.COM 83 » Quality Control: Independent review of applicable loan files and associated docu- ments to help determine and maintain compliance with agency and lender requirements. » Advisory Services: Identification of process inefficiencies and provision of clear, actionable recommendations to drive improvement to help meet unique client objectives. » CastleLine Certification: Execution of the CastleLine proprietary risk-manage- ment process to help clients obtain Certi- fied Loan insurance. OHIO Hyland Announces New Digital Tool for Financial Institutions Hyland, an Ohio-based content-services provider for the financial services industry, has announced the launch of Brainware for Lending, an intelligent-capture solution that accurately captures and classifies loan docu- ments and integrates them with the line of business tools to validate extracted data and fill in missing information before delivering data to loan-origination systems. In a statement, Hyland said that by deliver- ing greater transparency, lending institutions can process loans faster with fewer resources and improve interactions with borrowers. As the lending industry becomes increas- ingly complex, banks, lenders, and loan servicers experience higher demand from customers for fast lending experiences. At the same time, financial institutions have a greater focus on managing regulatory requirements, which increase per-loan costs and slow processing times. "Brainware intelligent capture is an advanced technology that will fundamentally shift the way financial institutions process and service loans," said Steve Comer, Director of Financial Services Sales at Hyland. "As a template-free solution, Brainware for Lend- ing gives financial institutions the power to improve the consistency and quality of loan information throughout the loan life cycle, while reducing the cost of validating data." Brainware for Lending utilizes optical character recognition (OCR), intelligent capture-and-extraction functionality to significantly reduce human touchpoints and virtually eliminate manual document clas- sification. Coupled with OnBase, Hyland's content-services platform, it provides financial institutions with an end-to-end digital lending process. e company said that by leveraging Brainware for lending, financial institutions could better support compliance initiatives and requirements, decrease manual labor and per-loan process costs, and create a competitive advantage by closing loans faster. For over 25 years, Hyland has enabled more than 19,000 organizations to digitize their workplaces and fundamentally transform their operations. Named one of Fortune's Best Companies to Work For since 2014, Hyland is widely known as both a great company to work for and a great company to do business with. What a Million Dollars Buys in the Housing Market For anyone with $1 million to spend on a house, the best return on investment in terms of the size of the house itself lies 90 minutes northwest of Columbus, Ohio, according to a report by HouseCanary. e average $1 million home in the town of Lima, Ohio, is a little more than 9,400 square feet and sits on four acres. For $106 per square foot, that four-acre property in Lima will on average come with five bedrooms and five parking spaces. HouseCanary found similar ROI in Anniston, Alabama, roughly an hour and a half northeast of Birmingham. ere, $1 million can buy about 8,300 square feet on five acres, with three bedrooms and five parking spaces. at comes to $120 per square foot. e biggest ROI in terms of land for $1 million is north of Dallas, in Wichita Falls, Texas. ere, $1 million will buy 7,800 square feet of house on 60 acres. While homeown- ers in Lima and Anniston pay on average 17 percent of their income to home expenses, residents of Wichita Falls pay 14 percent, according to the report. In all three towns, the median household income is just above $45,000. By comparison to the median million- dollar market, most metros will provide an average of 4,300 square feet for the price, the report stated. One example in the exact middle is Nashville, where $1 million will get four bedrooms, 4,300 square feet, and three parking spaces, sitting on just shy of an acre. Nashville is also typical in terms of how much homeowners spend on their houses—about 30 percent of annual income. On the other end of the spectrum, $1 mil- lion will buy you the least in San Jose. ere, the report found, $1 million gets 1,500 square feet on about a tenth of an acre. at comes to $635 per square foot. e property also will likely come with three bedrooms and a pair of parking spaces, but the upkeep could prove daunting. Residents in San Jose typically spend three-quarters of their money on their housing expenses every year. Santa Clara and San Francisco put up simi- lar numbers, according to the report. Outside the Bay Area, Honolulu offers the least size and room for the money. e average million- dollar home there is about 1,800 square feet on a 0.15-acre lot, with four bedrooms, two bathrooms, and two parking spots. e price per square foot comes to $542. Residents typi- cally spend two-thirds of their annual salaries on home expenses. THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com. According to a GOBankingRates study of the minimum salary needed to afford a home in all 50 states, homeowners would need to earn just $28,800 per year to afford their mortgage in Ohio, where the average mortgage payment is little over $700 a month. KNOW THIS

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