AmeriHome and Allied Mortgage Group are headed into the future as they enlist the help of AI assistants to streamline mortgage processing, according to AI Foundry. These AI assistants are a part of the Agile Mortgages' cognitive robots line.
"Agile Mortgages' robots assist the loan lifecycle by auto-classifying documents, auto-extracting data, executing pre-loaded business rules, and updating the LOS to accelerate loans, reduce costs, and remove human error in key stages of the loan lifecycle," according to the press release.
"There are 17 cognitive robots in the Agile Mortgages solution that assist loan application, processing, underwriting, closing, and sale of the loan to GSEs or correspondent investors. A cognitive robot is truly an AI assistant that can prevent loan defects while automating more than 50% of manual tasks."
AmeriHome aims to reduce costs and expedite the loan cycle by using the correspondent package verification and correspondent loan data verification AI assistants.
"We are excited to be in production with AI Foundry. We continue to scale our loan volume using their AI technology, and we are getting high quality results that meet our demanding SLA for accuracy while driving toward a reduced turnaround time," said Greg R. McElroy, EVP, head of operations, correspondent lending at AmeriHome. "This solution will reduce our internal costs and improve competitiveness in meeting and exceeding correspondent client expectations."
To learn more about AmeriHome and Allied Mortgage Group's plans as the companies move forward with AI assistants, click here.