Combined Technologies Will Enable Lenders to Improve Productivity, Scalability and Compliance
WAKEFIELD, Mass., Feb. 25, 2019 /PRNewswire/ — AI Foundry, a provider of advanced artificial intelligence (AI) solutions that significantly streamline and improve business processes, announced a partnership with Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Under the partnership, the two organizations will integrate their respective technologies and use artificial intelligence (AI) and machine learning to help lenders accelerate the mortgage origination process and further drive digital transformation in the mortgage industry.
Lenders will benefit from the partnership through the availability of AI-driven automation capabilities that significantly reduce labor-intensive processes associated with mortgage origination. The partnership and technology integration will provide numerous benefits including: dramatically reducing time spent for loan officers to identify, collect and organize borrower documents in Ellie Mae’s Encompass, Digital Mortgage Solution; increase processing efficiency by allowing loan processors to proactively identify and quickly act on missing or incomplete documentation; and reduce ongoing risk and quality management in the loan manufacturing process through real-time validations and verifications of information in Encompass with the information extracted from the documents.
“Many lenders are digitally transforming their customer-facing operations while also trying to optimize their back-office systems and processes from within Encompass,” said Clark Brett, VP of Business Development at AI Foundry. “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. For their customers, this translates into mortgage application approvals in hours rather than weeks.”
“We are excited to become part of the Ellie Mae partner community. 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,” said Steve Butler, Founder and General Manager of AI Foundry.
AI Foundry’s unique approach to applying visual cognitive document automation, AI and deep learning will complement Ellie Mae’s Encompass digital mortgage solution which provides one system of record that enables banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency. As part of the newly formed partnership, AI Foundry will be participating in the Ellie Mae Experience 19 user conference being held March 10-13, 2019 in San Francisco, California.
About AI Foundry
AI Foundry, a Kodak Alaris business unit, designs and builds artificial intelligence solutions that automate mortgage processing, eliminating much of the time and manual labor involved with traditional approaches. This significantly accelerates the mortgage process, moving from initiation to underwriter approval in as little as one day. AI Foundry’s solutions enable banks and other lending institutions to streamline processes, create new business opportunities, manage compliance and drive bottom-line performance. For more information, visit AIFoundry.com.
SOURCE AI Foundry