WAKEFIELD, Mass., May 5, 2020 /PRNewswire/ -- AI Foundry, an artificial intelligence (AI) platform company, today announced that Wyndham Capital Mortgage, a leading digital home lending company, is in production with AI Foundry's Agile Mortgages solution to leverage the cognitive robot's mortgage expertise to accelerate its loan origination process. The AI-based solution will help Wyndham Capital Mortgage improve scale on new loan volume, lower costs to pass savings onto the consumers and remove menial work from operations employees.
A recipient of Ellie Mae's Innovation Award in 2020, Wyndham Capital Mortgage has long been a leader in digital transformation. Wyndham employs continuous robotic process automation to reduce manual intervention and menial tasks in their mortgage approval processes, and now looks to AI Foundry's cognitive robots to leverage its embedded mortgage expertise.
"Wyndham Capital Mortgage's strategy is to be a leader in the utilization of automation and particularly robotic processing technologies," said Wyndham Capital Mortgage CEO Jeff Douglas. "By implementing Agile Mortgages' cognitive robots, we are now able to push deeper into loan processing stages where document and decision complexity limited automation gains."
AI Foundry has created an innovative platform that combines the latest in artificial intelligence (AI), machine learning (ML), machine vision, cognitive robots and other advanced technologies. The company's Cognitive Business Automation platform is designed for organizations that wish to automate and accelerate document processing to improve their business operations and reduce costs. Agile Mortgages is being successfully used by banks and other lenders to dramatically improve the speed of back-office mortgage processing while improving accuracy by reducing loan defects.
"Today, more than ever, the mortgage industry is embracing automation as a necessity," commented Ben Cowen, President at Wyndham Capital Mortgage. "We have long been a leader in using technology and robotics to transform our processes and move them into a place where they show real benefit to all involved, from loan officers to consumers."
"Wyndham is a great partner to work with. They are committed to their automation vision and demand significant and measurable return on investments from any robotic processing and AI investments they make. We are really excited to have reached production usage with Wyndham and to be part of their plans for further expansion based around our cognitive robots.," said Steve Butler, president and founder, AI Foundry.
About Wyndham Capital Mortgage
Wyndham Capital is a digital home lender that gives homeowners more buying power than high-cost, outdated mortgage lenders. Founded and based in Charlotte, N.C., Wyndham uses advanced technology and expert guidance to deliver best-in-class value, convenience and service. For more information, visit www.WyndhamCapital.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. AIFoundry.com.
SOURCE AI Foundry