Two fintechs form partnership to launch compliance engine

by Duffie Osental11 Nov 2020

Two mortgage fintech companies have announced a partnership to launch a product that will “automate compliance, lower operational costs, and improve borrower experience for servicers.”

The two firms, Sagent and Bizzy Labs, will jointly offer “Libretto,” a compliance engine that uses artificial intelligence (AI) to ensure “fast, accurate servicing onboarding” that continually scans portfolios to identify and fix data anomalies using over 600 business rules from regulators, investors, and servicers.

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“This new automated compliance engine accelerates Sagent’s consumer-first modernization of mortgage servicing,” said David Doyle, executive vice president of business development at Sagent. “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.”

“We’ve been refining our AI to solve data integrity issues for the last nine years as a prominent servicer/sub-servicer,” said Gagan Sharma, chief executive officer of both Bizzy Labs and servicer/sub-servicer BSI. “The result is Libretto, a digital approach to loan file perfection that’s reduced error rates by 80% and borrower complaints by 50%. It runs 600-plus investor and regulator rules on portfolios to deliver precise, department-specific checklists for resolving customer loan issues daily.”