US-based mortgage applications processor Ellie Mae has partnered with AI Foundry to streamline mortgage origination process using artificial intelligence (AI) technology.
The partnership will AI and machine learning to reduce manual processes in mortgage origination and support the digital transformation of the sector.
It is expected to significantly reduce the time-intensive process of identifying, collecting and organising borrower documents in Ellie Mae’s Encompass, its digital mortgage solution.
Additionally, it will enable the loan processors to swiftly identify incomplete documentation.
It will also provide real-time validations and verifications of information in Encompass reducing associated risks with loan originations.
AI Foundry vice-president of business development Clark Brett said: “Many lenders are digitally transforming their customer-facing operations while also trying to optimise their back-office systems and processes from within Encompass.
“By integrating our technology with an innovative industry leader such as Ellie Mae, we can dramatically expand AI Foundry’s reach into lenders, and help them speed mortgage originations through increased productivity and accuracy.”
Overall, the usage of AI-based technologies is expected to enable the clients offer mortgage application approvals in a few hours.
AI Foundry founder and general manager Steve Butler said: “Our technology integration will provide the 3,000 mortgage lenders who use Ellie Mae solutions an onramp to Encompass that will significantly improve their productivity and drive their lending business forward.”
Earlier this month, mortgage lending solutions provider FirstClose integrated its reporting suite with Ellie Mae’s Encompass digital mortgage solution.
The integration will enable lenders to access FirstClose’s solutions directly through Encompass.
