The March issue of MReport showcased the industry leaders in fintech in the inaugural Top 25 Fintech Innovators.
MReport solicited submissions from mortgage companies working in all sectors, from lenders and servicers to title companies and property preservation experts. After much deliberation, we are now proud to present our first annual collection of the Top 25 Fintech Innovators. In the pages that follow, you’ll get exclusive insights into the organizations and offerings that are poised to shape the mortgage industry in 2020 and beyond.
Company Description: AI Foundry, an artificial intelligence (AI) platform company, has developed its Agile Mortgages, which includes patent-pending technologies using the latest in AI, machine learning, and machine vision to improve the efficiency of mortgage document processing to speed it from the current industry average of three to four weeks down to just days.
- Agile Mortgages—automates manual mortgage processes, enabling lenders to dramatically accelerate the lending lifecycle. This improvement in speed can significantly change the way people buy and finance homes and enables banks and other lenders to improve efficiency, reduce costs, and compete more effectively.
- Cognitive Business Automation Platform—designed with a model-driven, microservices architecture that enables rapid design, development, and operation for faster decision making. The platform automates processes by quickly extracting data from electronic images and documents with superior accuracy and minimal manual intervention. It uses machine vision to extract and classify data and information that delivers accuracy rates of 90% or higher. This is significantly more accurate than Optical Character Recognition technology that is commonly used today.
Competitive Advantage: Today’s homebuyers are accustomed to near-instant digital transactions, and they expect the same fast, easy experience with their mortgage. Agile Mortgages can make the process faster and easier, while allowing lenders to improve efficiency and reduce costs. The industry has already taken notice of Agile Mortgages, as Ellie Mae integrated AI Foundry’s AI technology with its Encompass Digital Mortgage Solution. Agile Mortgages was featured in the Wall Street Journal in March 2019. Radius Financial Group’s COO Keith Polaski said that after training AI Foundry’s platform on three years of mortgage applications, the solution now recognizes 180 different types of documents and has an 85% accuracy rate in recognizing and reading documents.
CONTACT INFORMATION: Wakefield, Massachusetts | 781.203.8322 | aifoundry.com