DENVER, Sept. 11, 2018 /PRNewswire/ -- PromonTech, a provider of next-generation mortgage technology, announced today it will debut a new income engine, Income AI, in Las Vegas next week. Income AI follows the company's 2017 Point of Sale (POS) release — Borrower Wallet™ — and leverages augmented intelligence to learn from underwriters, resulting in faster, more compliant credit decisions.
"The cost to originate a loan has doubled over the last 10 years, and mortgage lenders need truly-innovative solutions to realize meaningful costs savings and productivity improvements. Our Income AI technology will produce accurate, reproducible, documented results and is the gateway to significantly reducing costs in the lending process," said Tony Pietrocola, head of sales at PromonTech.
Income AI utilizes intelligent data captured through Borrower Wallet to automatically calculate qualified income using industry-standard formulas — resulting in up to 20% time/cost savings on complex credit decisions. When utilized with PromonTech's comprehensive product suite, lenders can realize significant cost savings while gaining unparalleled compliance throughout the loan process.
"Income AI is the next step towards realizing the near-term opportunities for augmented intelligence. PromonTech has created a platform that enriches data to be leveraged by AI and machine learning to help lenders continue to evolve to compete in the challenging market ahead," says Michael Kolbrener, PromonTech's chief technology officer.
To learn more about Income AI or PromonTech, contact Tony Pietrocola at [email protected]
About Promontory MortgagePath
Headquartered in New York, Promontory MortgagePath was founded by Gene Ludwig and Bruce Witherell, the former U.S. Comptroller of the Currency and chief operating officer of Freddie Mac, respectively. The company has two main operating divisions: Promontory Fulfillment Services and PromonTech, its Denver-based technology arm. Promontory Fulfillment Services offers end-to-end white-label mortgage fulfillment services for banks, mortgage banks and private investors and is located in Danbury, Conn. PromonTech is a FinTech hybrid—that is, a technology company, led by seasoned banking and mortgage executives. Its digital solutions are designed by talented technologists and mortgage experts, working collaboratively to eliminate pain points and enhance the customer experience. PromonTech is the winner of the 2018 HW Tech100™ award and the 2018 Progress in Lending Innovations award.