2020 HW Tech100 Mortgage winner: AI Foundry

Using AI to automate mortgage document processing

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%

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