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Avanze Tech Labs announced the launch of STACX post-closing solution, an AI & ML powered SaaS product that simplifies and fast-tracks the entire post-close process, enabling lenders and title companies to improve cycle times and reduce operating costs. The post-closing SaaS solution leverages artificial intelligence (AI), optical character recognition (OCR), and machine learning (ML) to support lenders and servicers, title companies, and correspondent lending channel by creating an automated workflow solution that enables faster cycle time, improved auditing, processing more documents with higher accuracy and ease.
STACX utilizes AI technology to automate the classification and extraction of data from loan documents, streamlining the process in minutes; the software eliminates manual work of mortgage processing and labor-intensive quality assurance checks. The technology leverages an open API framework to integrate with existing document management systems and loan origination softwares (LOS).
“Post-closing has been an ignored sector in the digital mortgage evolution, and we saw an opportunity to better serve the industry,” Avanze Tech Labs’ President and CEO Auvese Pasha said. “With STACX we are using AI in the most intelligent way to expedite loan processing and increase confidence in quality assurance, making the life of the post-closing user easier and enabling the business to operate with speed and agility.”
STACX allows its clients to create custom workflows and automated compliance checklists to streamline communication; this allows subject matter experts to focus on challenging tasks versus items that can now be automated. This post-closing solution aims to reduce costly errors by improving the standard of compliance with lender and investor guidelines and increase operations’ bandwidth.
“Our system is constantly learning, so our clients can continue to save time and effort as we improve using their feedback,” Pasha said. “STACX has a built-in QC framework for review of the final product providing real-time results, organizing and classifying loan documents in seconds.”
STACX allows its clients to reduce software operating costs with no onboarding fees or annual contracts; clients pay as they process loans and can launch STACX in no time. STACX is free for up to five loan packages under the basic subscription and offers tiered pricing based on loan volume.
