AI, Machine Learning Behind New Ellie Mae Credit Evaluation Automation

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Ellie Mae has launched its new AIQ Credit Analyzer, which uses patented artificial intelligence and machine learning technologies to automate credit evaluation and due diligence reviews when underwriting a loan.

According to independent third-party data, the credit review process in underwriting can take an average of 26 minutes per loan. AIQ Credit Analyzer is designed to reduce that time to five minutes by allowing underwriters to focus on exceptions. This is a more than 80 percent reduction in time, significantly impacting the bottom line for a lender’s cost to originate and improves capacity in one of the most highly valued and complex pieces of the mortgage process.

Credit Analyzer automates key steps in the underwriting process to drive efficiencies, reduce the cost to originate, improve underwriter productivity and reduce overall risk. The solution recognizes and extracts key data fields from documents which is perfected to create an “automation ready data set.” This perfected data is used by the analyzer to interrogate more than 40 rules that check for consistency, accuracy and pick up where the AUS findings left off. Any exceptions are presented in a separate queue, allowing underwriters to focus on exceptions instead of evaluating the entire transaction.

“The launch of Ellie Mae AIQ Credit Analyzer means more loans, not more work,” says Eric Connors, senior vice president of product management for Ellie Mae. “This solution is powered by our patented automated intelligence and machine learning technologies and gives underwriters a simple tool to speed the review process, improving capacity and performance while positively impacting a lender’s bottom line. We’re excited to offer this new solution as it is the continuation of our mission to automate everything automatable for the mortgage industry.”

Credit Analyzer comes on the heels of the AIQ Income Analyzer, launched in October of 2019, which automates income analysis and calculations related to evaluating borrowers’ income. These analyzers are part of Ellie Mae AIQ, an omnichannel solution that intelligently automates key business processes for lenders, investors and servicers by applying AI to the loan manufacturing process and streamlining data collection, data validation, calculations and risk analysis.

Photo: Eric Connors

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