Tech Driving Closing Costs to Spike

Learn how AI and machine learning technology take significant costs out of the process

Companies are investing in technology now, but there is a general feeling of pessimism about the ROI of many solutions. How can we overcome this pessimism?

Lenders need to implement tech with AI and Machine Learning technology to take significant costs out of the process. The

new Agile Mortgages solution built on our Cognitive Business Automation Platform streamlines the multi-week manual process of originating and closing a loan and reduces processing times by 50%. Benefits are seen at all stages of the loan lifecycle:

  • Robotic process agents enhance customer experience by eliminating lost or misfiled documents and minimizing human interaction.
  • Loan due diligence is improved due to documents being accurately classified and extracted with discrepancies and inconsistencies flagged. Time spent reviewing and clearing conditions can be reduced to minutes per loan.
  • Real-time data validation rules automatically identify compliance issues and log them in the audit history of a loan allowing teams to proactively resolve them prior to closing.

By automating a higher percentage of manual document handling activities loan origination costs and manual labor costs are significantly reduced and lenders see an average reduction of $500 to $600 per loan. And yes, as we're seeing in the rise of closing costs, ROI takes time but with a short implementation time lenders are seeing the Agile Mortgages solution running in production quickly, allowing them to reap the cost savings benefits in months, not years. 

Learn more about how the AI and Machine Learning technology leveraged in our Agile Mortgages solution can take significant costs out of the mortgage origination process!

Technology Advantage

This paper examines the limitations of text-based classification and extraction and highlights the distinct benefits of vision-based classification and extraction technology. 

In the News - eWeek

Steve Butler, GM of AI Foundry, shares Industry-level predictions on changes coming in the mortgage industry as a result of advances in AI technology.

Revolutionizing Mortgages

Bringing together the front and back office to create a "Digital One Office".

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