PromonTech, a provider of next-generation mortgage technology, has introduced a new income engine, Income AI, that leverages augmented intelligence to learn from underwriters, resulting in faster, more compliant credit decisions.
Last year, PromonTech – the technology division of Promontory MortgagePath – released a new mortgage point-of-sale solution, Borrower Wallet.
Income AI utilizes intelligent data captured through Borrower Wallet to automatically calculate qualified income using industry-standard formulas – resulting in up to 20% time/cost savings on complex credit decisions, the company claims.
“The cost to originate a loan has doubled over the last 10 years, and mortgage lenders need truly-innovative solutions to realize meaningful costs savings and productivity improvements,” says Tony Pietrocola, head of sales at PromonTech, in a release. “Our Income AI technology will produce accurate, reproducible, documented results and is the gateway to significantly reducing costs in the lending process.”
When utilized with PromonTech’s comprehensive product suite, lenders can realize significant cost savings while gaining unparalleled compliance throughout the loan process.
“Income AI is the next step towards realizing the near-term opportunities for augmented intelligence,” says Michael Kolbrener, chief technology officer for PromonTech.
“PromonTech has created a platform that enriches data to be leveraged by AI and machine learning to help lenders continue to evolve to compete in the challenging market ahead.”