Steve Butler, Founder and General Manager of AI Foundry

Artificial Intelligence platform company, AI Foundry, has announced the launch of its new Cognitive Business Automation Platform along with a new Agile Mortgages solution.

According to the supplier, the technology corporates the latest in AI, machine learning and machine vision to deliver a higher level of problem-solving and decision making for enterprises. The Agile Mortgages solution automates manual, labor-intensive mortgage processes, enabling lenders to dramatically accelerate the lending lifecycle and will allow the mortgage industry to use AI to replace multi-week manual processes so that mortgages can be processed as quickly as possible.

The platform aims to enable lenders to provide a faster pre-approval and underwriting approval process for their customers.

The AI Foundry Cognitive Business Automation Platform automates processes by quickly extracting data from electronic images and documents with superior accuracy and minimal manual intervention. Meanwhile, the Agile Mortgages system includes a bi-directional integration with Ellie Mae’s Encompass Digital Mortgage Solution. This integration will facilitate lenders as it will automate many of the labor-intensive processes associated with the mortgage process.

“Competition in the mortgage lending industry is intense, and while many companies have deployed point-of-sale solutions for the customer, the back-end processes have not undergone a digital transformation, until now,” said AI Foundry Founder and General Manager Steve Butler. “We will truly disrupt the ‘status quo’ by automating the mortgage-application process and enabling lenders to complement those front-end capabilities with one-day mortgage approvals.”

The launch comes after Ellie Mae partnered with AI Foundry which aimed to facilitate the integration of their respective technologies and accelerate the mortgage origination process.

AI Foundry, the business unit of Kodak Alaris, designs and builds artificial intelligence solutions that automate mortgage processing. AI Foundry’s solutions enable banks and other lending institutions to streamline processes, create new business opportunities, manage compliance and drive bottom-line performance.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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