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Artificial Intelligence Firm Aims to Outdo OCR, Speed Loan Processing

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AI Foundry is aiming to further cut the time it takes to originate a mortgage by adding, among other things, artificial intelligence technology designed to improve on optical character recognition.

The fintech firm on Tuesday launched a new "cognitive business automation platform" aimed at improving automated decision-making related to loans, and a new version of its Agile Mortgages technology, which loan officers use to automate the collection and organization of documents.

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The new technology classifies data and information that at a 90%-plus accuracy rate is "significantly more accurate than optical character recognition," according to a company press release.

"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," Steve Butler, founder and general manager of AI Foundry, said in a press release.

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"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 enormous potential for acquiring and delighting new customers; it also drives down the cost per mortgage, so lenders can be more profitable."

A growing number of companies have been seeking to help manage costs using artificial intelligence as mortgage lenders' profitability has waned.

Although the need to cut costs drives some interest in AI, less than half of mortgage lenders have used or tested AI automation due to challenges such as difficulty integrating the applications with a company's infrastructure, according to a Fannie Mae report issued last fall. Vendors have been working to address these concerns. AI Foundry, for example, has a connector that links its technology with Ellie Mae's widely used loan origination system.

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