AI Foundry aims to further reduce the time it takes to create a mortgage by adding, among other things, artificial intelligence technology designed to improve optical character recognition.
The fintech company on Tuesday launched a new “cognitive business automation platform” to improve automated loan decision-making, and a new version of its Agile Mortgages technology, which loan officers are using to automate collection and the organization of documents.
The new technology classifies data and information that, at an accuracy rate of over 90%, is “considerably more accurate than optical character recognition,” according to a press release from the company.
âCompetition in the mortgage 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 so far,â Steve Butler, founder and CEO of AI Foundry, said in a press release.
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âWe’re going to truly disrupt the ‘status quo’ by automating the mortgage application process and allowing lenders to supplement those initial capabilities with one-day mortgage approvals. This not only opens up enormous potential for acquiring and delighting new customers; the cost per mortgage, so that lenders are more profitable. “
A growing number of companies have sought to help manage costs using artificial intelligence as the profitability of mortgage lenders dwindles.
While the need to cut costs has sparked some interest in AI, less than half of mortgage lenders have used or tested AI automation due to challenges such as the difficulty of integrating apps into the lender. infrastructure of a business, according to a report by Fannie Mae released last fall. Suppliers have made efforts to address these concerns. AI Foundry, for example, has a connector that links its technology to Ellie Mae’s widely used loan origination system.