US-based Intelligent Document Processing (IDP) solutions provider Infrrd has unveiled a new AI-powered mortgage data validation product, dubbed MortgageCheck.
Infrrd has partnered with Asurity, a provider of risk and compliance management services and solutions, to develop MortgageCheckai.
The IDP solutions provider leveraged its technical capabilities, while the compliance-related solutions provider used its extensive mortgage industry expertise, for the partnership.
The MortgageCheck platform is designed to transform mortgage auditing, by advancing pre-fund and post-close loan audits for mortgage lenders and servicers.
It uses patented AI algorithms to automatically index, categorise, and scrutinise loan documents.
Infrrd said that its MortgageCheck platform enables loan closers and QC reviewers to speed up loan reviews with accurate data while maintaining audit integrity.
Also, its advanced AI technology allows loan closers or QC auditors to save significant time and eliminate the manual review of loan documents by over 50%.
Infrrd CEO Amit Jnagal said: “Our mission with MortgageCheck is to transform the mortgage auditing landscape and make auditors future-ready with AI.
“We understand the hurdles faced by mortgage lenders and servicers in conducting thorough and efficient audits.
“With MortgageCheck, we’re delivering a revolutionary solution that enables auditors to streamline their processes, mitigate risky loan decisions, and stay compliant effortlessly.”
The partnership allowed Infrrd to automate laborious mortgage closings and QC processes with compliant, complex document types, and variations in loan structures.
Asurity’s role in developing MortgageCheck has transformed the platform into an invaluable tool serving as a loan closer and QC auditor’s second brain, said Infrrd.
Asurity COO Luke Wimer said: “We are pleased to be partnering with Infrrd as they launch MortgageCheck. Asurity utilises this technology to accelerate mortgage loan closing processes and reduce error-prone manual processes.
“Infrrd is setting a new standard for efficiency and productivity enabling customers to focus on what truly matters.”
MortgageCheck supports more than 600 mortgage document types and can organise document packages into lender-specified sequence by document type and version.
The platform automatically identifies the latest and correct version of the document.
It auto-detects more than 60 common issues, such as missing documents, data mismatches, and expired CDs, and flags them for auditor review.
MortgageCheck automatically extracts and reconciles estimated and final closing details, highlighting discrepancies and out-of-balance conditions.
The platform automatically compares digitally supplied and extracted document data across different documents and data sources and flags mismatches.
In addition, it automatically tracks user-driven data changes in an audit trail including date, user, and comments, with automatic and user-generated issue generation and tracking, said Infrrd.
Amit added: “The financial services industry is undergoing rapid transformation, and by 2030 AI will change the way loans are audited.
“With MortgageCheckai, we’re leading the charge towards automation in mortgage auditing, setting the gold standard for efficiency and a competitive advantage for AI believers.”
