AmeriHome And Allied Mortgage employ AI assistants

Ai Foundry's robots help automate the firms' mortgage process

AmeriHome And Allied Mortgage employ AI assistants

AmeriHome Mortgage Company and Allied Mortgage Group are now utilizing Agile Mortgages, AI Foundry's artificial-intelligence assistants for mortgage processing.

Agile Mortgages include 17 cognitive robots that assist loan application, processing, underwriting, closing, and sale of the loan to GSEs or correspondent investors. These robots automatically classify documents, extract data, execute pre-loaded business rules, and update the LOS to assist the loan lifecycle.

"The mortgage industry clearly needs automation as loan processing costs are rising every year, loan defects remain stubbornly high, and customers demand faster turnaround times on their loan applications," said AI Foundry President Steve Butler. "Our suite of SaaS robots are the AI assistants that the mortgage industry needs to address these challenging issues and provide more transparency. We are really excited to see our customers deploying them in production."

AmeriHome has deployed the correspondent package verification and correspondent loan data verification AI assistants, while Allied Mortgage has employed the document indexing and filing robot.

"We continue to scale our loan volume using their AI technology, and we are getting high-quality results that meet our demanding SLA for accuracy while driving toward a reduced turnaround time," said Greg McElroy, executive vice president of AmeriHome. "This solution will reduce our internal costs and improve competitiveness in meeting and exceeding correspondent client expectations."

"We believe AI is a critical technology for cost reductions and improving our customer response times," said Kyle Manseau, vice president of operations at Allied Mortgage. "Working with AI Foundry has been a great experience, and we are pleased that we are in production with the first of the several cognitive robots that we plan on deploying in our back-office loan processing.”