Creating a Seamless Experience for Lenders and Consumers Using AI, Machine Learning and Machine Vision
AI Foundry, an artificial intelligence (AI) platform company, announced the launch of its next-generation Cognitive Business Automation Platform along with a new Agile Mortgages solution. This patent-pending technology incorporates the latest in AI, machine learning and machine vision to deliver a higher level of problem solving and decision making for enterprises. The new Agile Mortgages solution, which is built on top of the platform, automates manual, labor-intensive mortgage processes, enabling lenders to dramatically accelerate the lending lifecycle.
AI Foundry’s vision is to enable lenders to provide a much faster pre-approval and underwriting approval process for their customers. This Agile Mortgages solution will allow the mortgage industry to use AI to replace multi-week manual processes so that mortgages can now be processed from “application to underwriting” in days, not weeks. For lenders, this unleashes powerful new capabilities to enhance the customer experience while reducing the cost of mortgage processing. For home buyers, these capabilities accelerate the home loan process and provide the digital experience that today’s consumer demands.
“Mortgage lenders are under increasing pressure to upgrade their technology because borrowers’ expectations are being raised by the near-instantaneous digital experiences they have with companies in other industries,” said Al Pascual, senior vice president, research director at Javelin Strategy & Research. “But deploying new technology in the back office needs to be about more than just delivering a comprehensive digital mortgage process. Innovative lenders know that technology is also the key to optimizing and scaling their existing infrastructure, lowering costs and maintaining compliance.”
A New Platform for a New World
The AI Foundry Cognitive Business Automation Platform is built with a model-driven, microservices architecture that enables rapid design, development and operation for faster decision making. The platform automates processes by quickly extracting data from electronic images and documents with superior accuracy and minimal manual intervention. It uses machine vision to extract and classify data and information that delivers accuracy rates of 90% or higher. This is significantly more accurate than Optical Character Recognition (OCR) technology that is commonly used today.
In addition, a powerful rules engine allows clients to create intelligent robotic agents to automatically monitor completeness, integrity and compliance. The rules engine enables users to make actionable inferences that trigger remedial events early in the document-processing and exception-handling phases, thereby reducing overall cycle time and the cost of remediation.
Mortgage Automation for Real-World Impact
As a virtual software appliance, the Agile Mortgages solution can be easily deployed on virtualized infrastructure either as a Software-as-a-Service (SaaS) solution or on premise. This SaaS offering reduces the burden on corporate IT resources while providing a safe and secure environment that can be easily scaled to support organizational needs. Solutions can be embedded into existing applications using REST API calls and the self-service functionality allows lenders to add customizations and extensions.
“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,” said AI Foundry Founder and General Manager Steve Butler. “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. 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.”
Integration with Ellie Mae Encompass Digital Mortgage Solution
Agile Mortgages includes a bi-directional integration with Ellie Mae’s Encompass Digital Mortgage Solution. With this integration, lenders can now automate many of the labor-intensive processes associated with the mortgage process. As a result, loan officers can automatically identify, collect and organize borrower documents into the correct eFolders, drastically increase processing efficiency by proactively identifying and quickly acting on missing or incomplete documentation, and reduce ongoing risk and quality management in the loan process through real-time validations and verifications. AI Foundry will be demonstrating Agile Mortgages and this integration at Ellie Mae’s 2019 Experience Conference on March 10-13, 2019 in San Francisco.
Data-Driven Automation and Insights Equals Profitable Lending
Agile Mortgages provides detailed data to conduct deep analytics, and this data can easily be delivered to systems that run underwriting, pricing and valuation models. It can also create flexible dashboards and standard operational reports. The Agile Mortgages user interface is built on an enterprise-class portal with a range of collaboration features, the ability to personalize for specific users, and the flexibility to integrate with other web applications using single sign-on (SSO) or iframes.
Agile Mortgages includes API-based web services that can quickly scale up to meet customer requirements. It provides well-defined access interfaces that meet tight security and compliance requirements which is essential in today’s environment.