AI Foundry creates new mortgagetech solutions
Accelerating the pre-approval and underwriting approval process is the idea behind the latest mortgagetech solutions from artificial intelligence (AI) platform company, AI Foundry, which has revealed the availability of its Cognitive Business Automation Platform and new Agile Mortgage solutions, reports David Penn at Finovate.
“Competition in the mortgage lending industry is intense”
“Competition in the mortgage lending industry is intense, and while many companies have deployed point-of-sale solutions for the customer, the back-end processes have not undergone a digital transformation, until now,” AI Foundry founder and general manager Steve Butler explains.
The new Agile Mortgages solution is built on the Cognitive Business Automation Platform, and automates the many labour-intensive processes involved in the lending lifecycle.
This not only accelerates the process for borrowers, the solution also helps lower the cost of mortgage processing for lenders. The new technology also gives consumers the kind of digital experience they have become accustomed to in other aspects of their lives.
The Cognitive Business Automation Platform leverages machine vision to extract and classify data from electronic images and documents with accuracy rates of 90% or greater, exceeding the performance of widely-used optical character recognition (OCR) technologies.
The solution also features a rules engine that enables users to generate smart bots to automatically review documents for completeness, integrity, and compliance. These intelligent agents help spot issues early in the loan process in order to minimise delays and keeps remediation costs low.
“We will truly disrupt the ‘status quo’ by automating the mortgage application process and enabling lenders to complement those front-end capabilities with one-day mortgage approvals,” Butler adds. “This not only opens enormous potential for acquiring and delighting new customers; it also drives down the cost per mortgage, so lenders can be more profitable.”
Founded in 2016 and headquartered in Wakefield, Massachusetts, the company announced a partnership with – and recent Thoma Bravo acquisition – Ellie Mae last month.
