Solving the Post-Close Challenge with Intelligent Automation

Join our upcoming webinar as SoftWorks AI CEO and Avanze CEO explore the advances in tech that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

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ClosingFintech

Housing Tech Rundown: Qualia, First American Docutech and Sagent

New integrations, partnerships and tech set out to make lenders' lives easier

Real-estate closing platform Qualia announced the launch of its Physical Document Service on Thursday that will allow mortgage lenders to automate the management of paper trailing documents from title partners through the Qualia platform.

The company announced the news during the fall session of its Future of Real Estate Series. Through its Physical Document Service, Qualia is able to manage the collection, sorting and quality assurance of physical trailing documents to ensure an on-time shipment and delivery to investors.

“This year loan volumes have increased by more than 200% across the United States,” said Qualia Co-founder and Chief Technology Officer Joel Gottsegen.

“This dramatic increase in volume has taken a toll on lenders, who must adapt to keep up with the surge in refinances. While digital transformation has empowered lenders to dedicate their time where it’s needed most, the Physical Document Service guarantees a fully-automated process for lenders and much needed operational efficiency,” he said.

Earlier this year, Qualia launched Qualia Post, a post-closing solution that integrates with a lender’s LOS to automate the retrieval of closing and post-closing documents from title companies. According to Qualia, Physical Document Service can be coupled with Qualia Post to enhance the digital post-closing process.

First American Docutech announced a new integration with Encompass LOS by Ellie Mae on Thursday.

According to First American Docutech, the integration will allow Encompass lenders to implement First American Docutech’s suite of digital mortgage and closing solutions, including updating key disclosure tracking fields and automatically delivering documents into Encompass.

“Lenders of all sizes are focusing on digitizing as much of their loan process as possible to optimize the borrower experience, maximize loan production, and reduce costs,” said Amy Brandt, president of First American Docutech.

“For smaller lenders though, it’s been challenging to compete with the larger financial institutions on a level technology playing field. Now, through a new integration with Encompass, lenders can easily implement our suite of solutions with very limited effort, enabling them to digitize their process from point-of-sale origination through closing, and on to secondary market delivery,” Brandt said.

That end-to-end mortgage experience is exactly what this most recent integration was attempting to achieve, the release said – a goal Ellie Mae has been working on for some time as well.

Fintech company Sagent announced on Tuesday a partnership with Bizzy Labs to jointly offer Libretto, an AI-powered compliance engine that it says will ensure fast, accurate servicing onboarding, that then continually scans portfolios to identify and fix data anomalies using over 600 business rules from regulators, investors and servicers.

“Clean onboarding and continuous portfolio surveillance mean fewer errors and happier customers. Servicer errors can erode profitability, rattle customers, and lower retention. Sagent’s Bizzy Labs partnership ensures servicers get the experience right for their customers and their bottom line,” said David Doyle, executive vice president of business development at Sagent.

According to Gagan Sharma, CEO of both Bizzy Lab and BSI, his team has been refining AI to solve data integrity issues for the last nine years and has reduced error rates by 80% and borrower complaints by 50%.

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