Lenders Leaning on AI for Origination and Secondary Functions

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AmeriHome Mortgage Co. and Allied Mortgage Group are now in production use of AI Foundry’s Agile Mortgages cognitive robots to assist in the loan life cycle by auto-classifying documents, auto-extracting data, executing pre-loaded business rules, and updating the LOS to accelerate loans, reduce costs and remove human error.

Agile Mortgages’ cognitive robots are designed to support various processes, including loan application, underwriting, closing and secondary market sales. The robots that can prevent loan defects while automating more than 50% of manual tasks.

AmeriHome is utilizing the Correspondent Package Verification and Correspondent Loan Data Verification AI Assistants to accelerate their loan purchase cycle. Allied Mortgage Group has deployed the Document Indexing & Filing robot for use during the collecting and filing of mortgage documents.

“We are excited to be in production with AI Foundry,” says Greg R. McElroy, EVP, head of operations, correspondent lending, at AmeriHome. “We continue to scale our loan volume using their AI technology, and we are getting high-quality results that meet our demanding SLA for accuracy while driving toward a reduced turnaround time. This solution will reduce our internal costs and improve competitiveness in meeting and exceeding correspondent client expectations.”

All AI Foundry cognitive robots can execute from end to end. They auto-classify the documents needed for each loan defect category (i.e., W-2s, tax forms, paystubs) and auto-extract the fields it needs. It is pre-loaded with the 10-100 business rules that it must successfully execute for each category of loan defects, and it automatically executes the business rules from the extracted data. It also has an integration with the lender’s LOS so that the loan processor or underwriter is updated with the results.

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