AREAL.ai recently introduced its Closing Disclosure Balancer Automation Tool, an AI-powered solution that allows lenders and their title agency partners to easily compare and balance closing disclosures to remain in full compliance with the CFPB’s TRID rules.
“Different systems in use by the lender and its title agency partners means that the data that ends up on the closing disclosure doesn’t always match,” says Argun Kilic, CEO of Areal, in a release. “This can be very bad in a purchase money market where delays can occur if the lender must re-disclose changes. Business referral partners have no patience for such delays as they know it degrades their customers’ experience and can cost them future business.”
AREAL.ai’s CD Balancer is designed to reduce the friction between industry partners with advanced software that flags every unmatching section on the closing disclosure, highlights any changes made and then sends the corrected data back to the various systems of record automatically.
Kilic pointed out that the new tool is not just another application of OCR. The company’s core AI-powered document management software ingests the documents, pulls the MISMO data elements, and then uses built in compliance calculations to find issues. The documents are then presented on the screen so the user can see exactly where problems exist. As changes are made, the documents are updated.
AREAL.ai says its no-code automation platform for the title and mortgage ecosystem makes it easy to reliably extract data from complex documents and integrate data with existing tools and workflows.