LoanStacker can identify documents either way, and the right choice depends on how many documents are in your files.
OCR: no preparation needed
With OCR, LoanStacker reads the text on each page and recognizes the document from it. Nothing has to be added to the paper before scanning, so it suits full loan files of 100 to 200 documents from many different sources. The OCR runs automatically and can run in the background. A user reviews the results before the batch is released.
Barcodes: fastest and nearly 100% accurate
Barcodes identify documents much faster than OCR and are nearly 100% accurate. LoanStacker can print barcode coversheets that identify each document, so scanning and indexing are fully automated.
This works best when files contain only a few documents. Title attorneys, for example, typically handle around 10 documents per file instead of 100 to 200. Because barcodes are so reliable, they can often skip the manual review step altogether. See LoanStacker for title attorneys.
You can also combine the two, using barcodes for standard documents you generate yourself and OCR for everything else. Watch the barcode video.
