Massachusetts-based AI Foundry, an artificial intelligence (AI) platform company, announced the launch of its next-generation Cognitive Business Automation Platform along with a new Agile Mortgages solution on Tuesday. This patent-pending technology incorporates the latest in AI, machine learning, and machine vision to deliver a higher level of problem-solving and decision-making ability for enterprises. The company's Agile Mortgages solution which is built on top of the platform, automates manual, labor-intensive mortgage processes, enabling lenders to dramatically accelerate the lending lifecycle.
In a statement, AI Foundry said that its vision was to enable lenders to provide a much faster pre-approval and underwriting approval process for their customers. The company said that its Agile Mortgages solution would allow the mortgage industry to use AI to replace multi-week manual processes to help mortgages get processed from “application to underwriting” in days, not weeks. This capability would help lenders enhance customer experience while reducing the cost of mortgage processing. For homebuyers, these capabilities accelerate the home loan process and provide the digital experience that today’s consumer demands.
“Competition in the mortgage lending industry is intense and while many companies have deployed POS solutions for the customer, the back-end processes have not undergone a digital transformation, until now,” said Steve Butler, Founder and General Manager of AI Foundry. “We will truly disrupt the ‘status quo’ by automating the mortgage application process and enabling lenders to complement those front-end capabilities with one-day mortgage approvals. This not only opens the enormous potential for acquiring and delighting new customers; it also drives down the cost per mortgage, so lenders can be more profitable.”
The AI Foundry Cognitive Business Automation Platform is built with a model-driven, microservices architecture that enables rapid design, development, and operation for faster decision making. The platform automates processes by quickly extracting data from electronic images and documents with accuracy and minimal manual intervention. It uses machine vision to extract and classify data and information that delivers accuracy rates of 90 percent or higher. This is significantly more accurate than Optical Character Recognition (OCR) technology that is commonly used today.