There’s nothing simple about apply for and getting a mortgage. The vast amount of paperwork, number crunching and research involved can make it a tedious and time-consuming process. A new technology from AI Foundry promises to streamline and simplify the process through a new Agile Mortgages solution. This patent-pending technology incorporates the latest in artifical intelligence, 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 Cognitive Business Automation Platform, automates manual, labor-intensive mortgage processes, enabling lenders to dramatically accelerate the lending lifecycle.
The 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.
“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,” says 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.”
Here are some of the features of Agile Mortgages Solution
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 accuracy and minimal manual intervention.
In addition, a 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
The Agile Mortgages solution can be 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.
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.
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.