AI Foundry uses artificial intelligence, machine learning and computer vision to automate mortgage document processing. This significantly improves operational efficiencies and reduces the overall cost to manufacture a loan. It can speed mortgage document processing from the industry average of three to four weeks down to just a matter of days. AI Foundry’s vision is to help lenders provide a much faster pre-approval and underwriting approval process for its customers.
- Radius Financial Group said AI Foundry’s Agile Mortgages has improved the company’s document recognition and reading accuracy rate from 40% to about 85%
- It is only a matter of time until Agile Mortgages is so reliable that it will be able to approve and issue some portion of home loans with no human assistance
- Using AI Foundry, Radius has been able to reduce their loan manufacturing costs by 70%