AmeriHome and Allied Mortgage Group Deploy AI Assistants for Mortgage Processing

WAKEFIELD, Mass., March 17, 2020 /PRNewswire/ -- AI Foundry announced today that AmeriHome Mortgage Company and Allied Mortgage Group are now in production use of Agile Mortgages. Agile Mortgages' robots assist the loan lifecycle by auto-classifying documents, auto-extracting data, executing pre-loaded business rules, and updating the LOS to accelerate loans, reduce costs, and remove human error in key stages of the loan lifecycle.

There are 17 cognitive robots in the Agile Mortgages solution that assist loan application, processing, underwriting, closing, and sale of the loan to GSEs or correspondent investors. A cognitive robot is truly an AI assistant that can prevent loan defects while automating more than 50% of manual tasks. 

AmeriHome is utilizing the Correspondent Package Verification and Correspondent Loan Data Verification AI Assistants to reduce costs and accelerate their loan purchase cycle. Allied Mortgage Group has deployed the Document Indexing & Filing robot to accelerate processing, reduce costs, and remove human error when collecting and filing the documents that support a mortgage loan.

"We are excited to be in production with AI Foundry. 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. This solution will reduce our internal costs and improve competitiveness in meeting and exceeding correspondent client expectations," commented Greg R. McElroy, EVP, Head of Operations, Correspondent Lending at AmeriHome.

"We believe AI is a critical technology for cost reductions and improving our customer response times. 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," commented Kyle Manseau, Vice President, Operations at Allied Mortgage Group.

"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. 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," added Steve Butler, President of AI Foundry.

All AI Foundry cognitive robots can execute from end to end. They auto-classify the documents needed for each loan defect category (i.e. W-2s, tax forms, paystubs), and auto-extract the fields it needs. It is pre-loaded with the 10-100 business rules that it must successfully execute for each category of loan defects, and it automatically executes the business rules from the extracted data, it has an integration with the lender's LOS so that the loan processor or underwriter is updated with the results.

All cognitive robots leverage AI Foundry's innovative approach to document recognition and extraction, which is computer vision based and utilizes a deep learning neural network approach. AI Foundry's customers contribute document samples and variants to train a Community Document Model (CDM). Documents and variants that are trained for the model are recognized with 99% accuracy. The CDM continues to expand rapidly in terms of mortgage document coverage as more customers use the solution.

About AmeriHome
AmeriHome is currently the 4th largest correspondent investor (Inside Mortgage Finance 2/14/20) and 10th largest mortgage lender (Inside Mortgage Finance 1/24/20) in the country. AmeriHome is in the business of purchasing residential mortgage loans from correspondent sellers, originating residential mortgage loans directly to consumers, and pooling and selling loans in the secondary market. AmeriHome is an approved seller/servicer for Fannie Mae and Freddie Mac. It is also an approved issuer of securities guaranteed by Ginnie Mae, a lender for the FHA, and a lender/servicer for the VA and USDA. AmeriHome can service and purchase loans in 49 states and DC. correspondent.amerihome.com/

About Allied Mortgage Group
Allied Mortgage Group (NMLS #1067) is a 27-year-old mortgage lender that serves consumers, realtors, builders, mortgage brokers and financial institutions with a history of responsible lending. Allied Mortgage Group offers a full menu of loan products, and local knowledge and expertise in the residential mortgage lending industry. Founded in 1993, Allied Mortgage Group is headquartered in Bala Cynwyd, PA and is licensed in 35 states with six operations centers and 18 regional offices serving local communities. www.alliedmg.com.

About AI Foundry
AI Foundry provides a Cognitive Business Automation Platform, incorporating the latest in AI, machine learning and machine vision technology. The patent-pending technology automates processes by quickly extracting data from electronic images and documents with superior accuracy and minimal manual intervention. Built on top of the platform, our Agile Mortgages solution automates the entire loan process and reduces manual document review and enhances performance from POS to LOS. www.AIFoundry.com. 

SOURCE AI Foundry

Related Links

https://www.AIFoundry.com