WAKEFIELD, Mass., Feb. 25, 2019 /PRNewswire/ -- AI
Foundry, a provider of advanced artificial intelligence (AI)
solutions that significantly streamline and improve business
processes, announced a partnership with Ellie Mae®
(NYSE: ELLI), a leading provider of innovative on-demand software
solutions and services for the residential mortgage
industry. Under the partnership, the two organizations will
integrate their respective technologies and use artificial
intelligence (AI) and machine learning to help lenders accelerate
the mortgage origination process and further drive digital
transformation in the mortgage industry.
Lenders will benefit from the partnership through the
availability of AI-driven automation capabilities that
significantly reduce labor-intensive processes associated with
mortgage origination. The partnership and technology integration
will provide numerous benefits including: dramatically reducing
time spent for loan officers to identify, collect and organize
borrower documents in Ellie Mae's Encompass, Digital Mortgage
Solution; increase processing efficiency by allowing loan
processors to proactively identify and quickly act on missing or
incomplete documentation; and reduce ongoing risk and quality
management in the loan manufacturing process through real-time
validations and verifications of information in Encompass with the
information extracted from the documents.
"Many lenders are digitally transforming their customer-facing
operations while also trying to optimize their back-office systems
and processes from within Encompass," said Clark Brett, VP of Business Development at AI
Foundry. "By integrating our technology with an innovative industry
leader such as Ellie Mae, we can dramatically expand AI Foundry's
reach into lenders, and help them speed mortgage originations
through increased productivity and accuracy. For their customers,
this translates into mortgage application approvals in hours rather
than weeks."
"We are excited to become part of the Ellie Mae partner
community. Our technology integration will provide the 3,000
mortgage lenders who use Ellie Mae solutions an onramp to Encompass
that will significantly improve their productivity and drive their
lending business forward," said Steve
Butler, Founder and General Manager of AI Foundry.
AI Foundry's unique approach to applying visual cognitive
document automation, AI and deep learning will complement Ellie
Mae's Encompass digital mortgage solution which provides one system
of record that enables banks, credit unions and mortgage lenders to
originate and fund mortgages and improve compliance, loan quality
and efficiency. As part of the newly formed partnership, AI Foundry
will be participating in the Ellie Mae Experience 19 user
conference being held March 10-13,
2019 in San Francisco,
California.
About AI Foundry
AI Foundry, a Kodak Alaris business unit, designs and builds
artificial intelligence solutions that automate mortgage
processing, eliminating much of the time and manual labor involved
with traditional approaches. This significantly accelerates the
mortgage process, moving from initiation to underwriter approval in
as little as one day. AI Foundry's solutions enable banks and other
lending institutions to streamline processes, create new business
opportunities, manage compliance and drive bottom-line performance.
For more information, visit AIFoundry.com.
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SOURCE AI Foundry