The campaign to rid the mortgage industry of as many cumbersome, expensive, and error-prone manual processes as possible continues as AI Foundry unveils the latest enhancement to its Cognitive Business Automation Platform. The company announced this week that its new mortgage document model will add key functionality to its automation platform, leveraging machine learning, machine vision, and AI to provide better automated data classification and data extraction.

“The model enables any lender to upload its loan application material and in return receive fully indexed and extracted data within seconds,” Head of Solution Development for AI Foundry Peter Piela explained. Piela added that the technology has a 95% accuracy rate, which he said was comparable to manual accuracy rates, and is superior to legacy text classification methods. Leveraging both cognitive and deep neural techniques, the solution was trained on more than 100,000 mortgage documents, 300 document types, and 2,000 data extractions.

“The impact of using our document model means significant time savings for the lender and the replacement of expensive manual processes with far more efficient automated ones,” Piela said.

And because the mortgage document model is part of AI Foundry’s Cognitive Business Automation Platform, users will be able to work with the existing model with its powerful rules engine, as well as broaden the functionality of the platform to manage specific mortgage workflow processes. In its statement, the company noted that the model is enhanced “continuously” with new variants that are easily deployed and equally accessible to customers thanks to the solution’s SaaS environment.

Headquartered in Wakefield, Massachusetts, AI Foundry demonstrated its Agile Mortgage solution at FinovateFall last year. In February, AI Foundry teamed up with fellow Finovate alum Ellie Mae to put AI to work accelerating the mortgage lending process. Steve Butler is founder and President of the company, which was founded in 2016.

Accelerating the pre-approval and underwriting approval process is the idea behind the latest mortgagetech solutions from AI platform company, AI Foundry, which announced the availability of its Cognitive Business Automation Platform and new Agile Mortgage solutions today. Together, the new technologies bring greater problem-solving, decision-making, and time-saving capabilities to businesses.

“Competition in the mortgage lending industry is intense, and while many companies have deployed point-of-sale solutions for the customer, the back-end processes have not undergone a digital transformation, until now,” AI Foundry founder and General Manager Steve Butler explained.

The new Agile Mortgages solution is built on the Cognitive Business Automation Platform, and automates the many labor-intensive processes involved in the lending lifecycle. This not only accelerates the process for borrowers, the solution also helps lower the cost of mortgage processing for lenders. The new technology also gives consumers the kind of digital experience they have become accustomed to in other aspects of their lives.

Left to right: and Adam Lombardo, Chief Information Officer, Atlantic Home Loans; and Steve Butler, founder and CEO of AI Foundry; previewing AI Foundry’s Agile Mortgages solution.

The Cognitive Business Automation Platform leverages machine vision to extract and classify data from electronic images and documents with accuracy rates of 90% or greater, exceeding the performance of widely-used optical character recognition (OCR) technologies. The solution also features a rules engine that enables users to generate smart bots to automatically review documents for completeness, integrity, and compliance. These intelligent agents help spot issues early in the loan process in order to minimize delays and keeps remediation costs low.

“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,” Butler said. “This not only opens enormous potential for acquiring and delighting new customers; it also drives down the cost per mortgage, so lenders can be more profitable.”

AI Foundry demonstrated its Agile Mortgages solution at FinovateFall 2018. Founded in 2016 and headquartered in Wakefield, Massachusetts, the company announced a partnership with fellow Finovate alum – and recent Thoma Bravo acquisition – Ellie Mae last month.