The demand for a fully online mortgage process continues to rise. Innovation is vital in keeping the industry moving forward, especially because mortgage lenders have seen the cost to produce a loan double in the last 10 years.
PromonTech created Borrower Wallet and Income AI to boost dynamic collaboration between applicants and lenders and improve data quality. And most importantly, PromonTech is focused on creating loan fulfillment efficiencies aimed at saving lenders up to 20% on the cost to produce a mortgage.
“Our products leverage a unique tech stack that improves compliance transparency and drives data quality,” said Michael Kolbrener, PromonTech’s chief technology officer.
PromonTech’s Income AI product identifies and improves data quality through a process called Perfected Qualifying Data, which ensures that Underwriters are evaluating the right data at the right time. As a result, Underwriters make faster, more compliant credit decisions — while reducing overall costs.
PromonTech leverages the potential of augmented intelligence by creating an “event stack” that provides fine-grained detail on all lending activities. Income AI evaluates and analyzes the aggregate event stack to provide unparalleled compliance insight throughout the loan journey. The platform captures every user activity in Borrower Wallet and Income AI, providing the vast amount of data needed to facilitate AI-based solutions.
“The complexity in lending technology is often underestimated. It won’t, in the near term, be solved by brute-force computing. It will take a detailed understanding of compliance, process and credit characteristics to create innovative lending solutions,” Kolbrener said.
Borrower Wallet allows borrowers to upload documents, chat with their loan officer, e-sign disclosures and view the status of their loan. The Dashboard allows borrowers to see DTI information, assets, credit score and loan-to-value in a way that is catered specifically for them based on the data they entered and the documents they uploaded.
Loan officers are able to co-pilot Borrower Wallet by sharing screens with the borrower and working through the process alongside them.
Not only does this provide transparency for both the borrower and the loan officer, but borrowers are also able to ask questions and communicate clearly in real time. Loan officers can also place third-party orders and generate pre-qualification letters, all in one online portal.
PromonTech has also developed an eConsent and eSign solution that works seamlessly within a lender’s current processes.
“A home purchase is the single-largest transaction most consumers will make in their lifetime. And in order to deliver a compliant solution, all loan characteristics must be evaluated including income, assets, debt and property valuation,” Kolbrener said.
“Each of these categories have their own nuances and complexities. PromonTech is improving the home purchase process through education, detailed event management and a dedication to providing applicants a transparent and collaborative process.”
PRODUCT: Borrower Wallet + Income AI
SNAPSHOT: Borrower Wallet Point of Sale technology, released in 2017, provides a fully online mortgage process for borrowers, with greater pull-through for lenders. PromonTech’s soon-to-be released Income AI product uses augmented intelligence to drive an income calculation engine that helps underwriters make faster, auditable, more compliant credit decisions – paving the way to a truly digital mortgage.