Allied Mortgage Group, a full-service residential mortgage lender, has partnered with AI Foundry, a provider of artificial intelligence solutions, to develop the ARTificial Intelligence Employee (ARTIE).
AI Foundry has developed advanced artificial intelligence, machine learning and machine vision to create cognitive robots that review loans, improve the speed and efficiency of mortgage processing, and deliver automation to all areas of the lending process. This automation greatly reduces and, in some cases, eliminates the need for a human touch, allowing operations staff to focus on the more complex areas of the loan process.
Allied has deployed AI Foundry’s Document Indexing and Filing cognitive robot to accelerate processing, reduce costs and remove human error when collecting and filing all the documents that support a mortgage loan. The initial post-closing phase of the ARTIE project will significantly reduce the time per file from nearly an hour to just minutes.
“This is a very exciting time for Allied as we begin leveraging cutting-edge technology to improve our business and increase efficiency,” says Allied’s Kyle Manseau. “This is just the beginning of an ongoing effort and high priority for our company to apply AI to other areas of our process.”
“I am very encouraged by the demonstrated results of ARTIE and how it has helped our overall process,” adds S. Roy Chowdhury, president and CEO of Allied. “We will continue to explore what else AI will enable us to do as we strategically grow our business.”