AI Foundry launches rapid pre-approval platform

Artificial intelligence platform company AI Foundry has unveiled a platform and a virtual software appliance that work together to enable lenders to provide rapid pre-approval and underwriting approval for customers.

The company recently launched its next-generation Cognitive Business Automation Platform (CBAP) along with the new Agile Mortgage software. CBAP, a patent-pending technology, combined the latest in AI, machine learning and machine vision to deliver better and faster problem-solving and decision-making for enterprises, the company said.

Built on top of the platform, the new Agile Mortgages software automates manual and labor-intensive mortgage processes to accelerate the lending lifecycle. Agile Mortgages will enable the mortgage industry to replace multi-week manual processes with AI, shaving days from the application-to-underwriting process, AI Foundry said.

"Mortgage lenders are under increasing pressure to upgrade their technology because borrowers' expectations are being raised by the near-instantaneous digital experiences they have with companies in other industries," said Al Pascual, senior vice president and research director at Javelin Strategy & Research. "But deploying new technology in the back office needs to be about more than just delivering a comprehensive digital mortgage process. Innovative lenders know that technology is also the key to optimizing and scaling their existing infrastructure, lowering costs and maintaining compliance."

"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 Steve Butler, founder and general manager of AI Foundry. "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. This not only opens enormous potential for acquiring and delighting new customers; it also drives down the cost per mortgage, so lenders can be more profitable."