Wakefield, MA—June 12, 2018 – AI Foundry, the leader in Actionable Intelligence Management (AIM) and focused on end-to-end mortgage origination, announced today a new version of its Agile Mortgages™ solution has been released with an array of additional capabilities. The latest version includes a new user interface and a precompiled mortgage document library that embodies the machine learning required to fuel automatic document classification and data extraction. Other new significant additions include AI Foundry’s LOS First™ connector to the Ellie Mae Encompass® mortgage management system, an intelligent checklist to monitor loan document and data completeness and raise alerts on missing information, as well as, a new loan quality checker—Audit First™— to ensure loans sail through underwriting.
The LOS First connector provides a number of important features including: automated posting of extracted data to a loan origination system (LOS), validation of extracted data to loan applicant input, population of income and asset worksheets, and eFolder creation. This eliminates manual rekeying of data and the errors that creep in. Loan officers and underwriters are more efficient and have high confidence that the LOS data matches related source documents.
The mortgage document library stands apart from other offerings in the marketplace by the number of pre-trained document types and variants it supports both for document classification and data extraction. The new intelligent checklist feature recognizes what documents are required in a loan package, which have been submitted and what signatures are missing. The Audit First loan checker continually checks that loan documents and the associated data are consistent and compliant.
“Agile Mortgages is a game changer for companies that want to participate in today’s digital economy and automate their business,” said Sid Probstein, CTO at AI Foundry. “People only handle problems that take real insight, while businesses scale and lower costs through the automation of mundane, repetitive tasks.”
“Our new solution capabilities, especially the LOS First connector, puts AI Foundry in a leading market position with the most comprehensive digital mortgage solution for mortgage origination,” noted Alan Swahn, vice president of marketing at AI Foundry. “We are taking mortgage automation to the next level by providing an out-of-the-box solution that cuts the time from UAT to high-volume production with consistent results. Our new Audit First module finds data or document quality issues upfront in the process, before they become expensive problems to fix later.”
“Competing solutions provide just a piece of what’s required, such as, POS or LOS products. We have focused on what makes our customers more competitive including lowering the cost per loan, raising loan run rates, and shorting underwriting, prefunding and post close,” explained Steve Butler, general manager of AI Foundry. “The back-office for many financial institutions is manual, expensive and error-prone. Outsourcing lowers expenses but doesn’t really help with efficiency. AI Foundry transforms back offices to enable our customers to streamline their operations and provide the best customer experience at the lowest cost.”
About AI Foundry
AI Foundry, a Kodak Alaris business unit, transforms banking and lending operations by integrating information, people and processes to enable increased insight and improved decision-making. Our Actionable Intelligence Management solutions help organizations streamline and automate manual processes, seize new business opportunities and manage compliance, all while driving bottom-line performance. For more information, visit AIFoundry.com.
Encompass® is a registered trademark of Ellie Mae. All other trademarks are the property of their respective owners.