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Correspondent Investors Are Facing a Time Crunch…Can Cognitive Robots Help?

Time Crunch

Automation can reduce errors, speed processing times and help Correspondent Investors compete

Arvind Jagannath,
Director of Product Management

Today, correspondent investors face a range of challenges, but one is critically important to their ability to compete and survive…speed. As the saying goes, time is of the essence for correspondent investors. Why is this? The GSE cash window typically funds a loan in two days, so the ability for a correspondent to fund a loan faster than that becomes critical in their ability to compete with the GSE’s.

But funding loans faster has its own set of challenges. Correspondents have to have all the verified data needed to run their pre-purchase due diligence checks. Traditionally, this verification has been done with manual “stare and compare” human labor, which is not fast enough. At the same time, accuracy is very important. Errors could lead to compliance issues and delays that could cause them to lose the loan.

Is there a better way? AI Foundry’s Correspondent Loan Data Verification cognitive robot provides all the verified loan data required for a correspondent investor to complete their pre-purchase analysis in hours instead of days. This cognitive robot automates the process of verifying specific data for the correspondent loans and returning them back in a format suitable for pre-purchase analysis and bid. In order to accomplish this, the robot:

  • Uses the foundational Document Indexing & Filing cognitive robot to perform automatic ingestion, classification and delivery of documents to the appropriate loan origination (LOS) folder
  • Automatically delivers a fully verified data file of all the extracted data within a few hours
  • Automatically updates the LOS with the extracted data fields for further analysis

Reducing the time required to conduct correspondence pre-purchase analysis down to a matter of hours allows correspondent investors to beat the GSE cash window on every loan. This is a game-changer, creating the competitive advantage that correspondents need to survive and thrive!

For more information on our cognitive robots, request a 1:1 demonstration