AI Foundry and Ellie Mae use AI for speedy lending
The partnership between AI Foundry and Ellie Mae is the latest sign of how digital transformation is sweeping through the mortgage industry, reports David Penn at Finovate.
The two companies – a provider of artificial intelligence (AI) solutions to streamline business processes and a residential mortgage software specialist – will integrate their technologies to help reduce the most labour-intensive aspects of the mortgage origination process.
Together, AI Foundry and Ellie Mae seek to bring greater efficiency and easier compliance for the thousands of lenders who rely on Ellie Mae’s Encompass digital mortgage solution.
“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,” VP of business development for AI Foundry Clark Brett says. “For their customers, this translates into mortgage application approvals in hours rather than weeks.”
Lenders using Ellie Mae’s Encompass will be able to leverage AI-powered automation to lower the amount of time it takes to identify, collect, and organise borrower documents; proactively spot and act on missing and/or incomplete documentation; and conduct real-time validation and verification of data extracted from the documents.
The new capabilities, including AI Foundry’s visual cognitive document automation technology, will give users of the Encompass platform better processing efficiency, as well as improved risk and quality management.
“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,” founder and GM of AI Foundry Steve Butler explains.
Ellie Mae made headlines earlier this month when it announced that the company had agreed to be acquired by Thoma Bravo for $3.7 billion. The California-based company was founded in 1997.