AmeriHome, Allied Mortgage set up mortgage processing bots

AmeriHome and Allied Mortgage Group are in production use of cognitive robots, which automate mortgage loan processing by taking care of more than 50% of manual document review tasks.

The solution they’re using is Al Foundry’s Agile Mortgages, which uses cognitive machine learning and vision software that extract data from electronic images and documents, according to a company release. Its 17 cognitive robots operate as artificial intelligence (AI) assistants during loan application, processing, underwriting, closing, and sale.

Initially, lenders must provide document samples in different variants to train or “teach” a Community Document Model (CDM) robot. The robot recognizes documents and variants it trained for with 99% accuracy, according to Al Foundry. Further, it can continue to expand mortgage document coverage as more customers use it.

For example, if the robot must auto-classify W-2s, tax forms, paystubs for the loan defect categories required by the lender; the robot is pre-loaded with up to 100 business rules about loan defects. This way it can automatically extract and screen the document executing these business rules. The software remains integrated to the lender’s loan origination system so the loan processor or underwriter is updated with the results.

“Loan processing costs are rising every year, loan defects remain stubbornly high, and customers demand faster turnaround times on their loan applications,” said Steve Butler, President of AI Foundry. “SaaS robots are the AI Assistants that the mortgage industry needs.”

AmeriHome is utilizing the Correspondent Package Verification and Correspondent Loan Data Verification AI Assistants. The goal is to scale loan volume and reduce turnaround time, said Greg R. McElroy, EVP, Head of Operations, Correspondent Lending at AmeriHome. “This solution will reduce our internal costs and improve competitiveness.”

Allied has deployed the Document Indexing & Filing robot to accelerate mortgage loan origination document processing, reduce costs, and remove human error.

“AI is a critical technology,” said Kyle Manseau, Vice President, Operations at Allied Mortgage Group. “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.”  

Banks message support, stability to their clients

Customer communication is key in the financial sector, particularly when uncertainty begins to circulate. In case you’d like to know how some of the big banks are handling the situation, here’s info on the emails Bank of America recently sent to its customers noting it is prepared to help them as the situation with coronavirus (COVID-19) continues to develop.

“Our entire team is ready and standing by to support you. You rely on us every day for your financial needs,” reads a recent email to consumers. “We’re going to continue to provide reliable access to the important services you count on.”

BoA is calling on “clients who have been negatively impacted by illness due to coronavirus and need assistance for their account,” to let the bank know.

The message continues to state that BoA is taking multiple steps to minimize health risks to staff, clients and communities, including “enhanced cleaning procedures in our Financial Centers.” It also informs that its specialists are available to listen to clients’ “unique needs and provide assistance in person, on the phone and online.”

Fannie announces mortgage assistance and relief options

Fannie Mae announced it will provide mortgage assistance and relief options to homeowners impacted by COVID-19, “in the case of job loss, a reduction in work hours, illness, or other issues,” according to a release.

“Fannie Mae, along with our lending and servicing partners, is committed to ensuring assistance is available to homeowners in need,” said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. “We encourage residents whose employment or income are impacted by COVID-19 to seek available assistance as soon as possible.”

Under Fannie’s guidelines for single-family mortgages:

  • Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
  • Foreclosure sales and evictions of borrowers are suspended for 60 days
  • Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
  • Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
  • Homeowners in a forbearance plan will not incur late fees
  • After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification

Fannie also offers help to homeowners with a Fannie Mae-owned mortgage through its Disaster Response Network.

LendingTree offers free ID protection, will monitor 14 billion ID datasets

In tech news, LendingTree introduced a free identity-data monitoring feature for MyLendingTree platform users, in collaboration with software as a service provider, ID Experts.

The new service “will continuously monitor over 14 billion carefully validated data elements to alert consumers if their email has been compromised,” according to a company release, including the so-called dark web part of the internet that consists of encrypted websites and marketplaces not accessible with normal web browsers that often is used by hackers.

LendingTree partnered with ID Experts to launch a financial intelligence feature designed to enable millions of consumers to safeguard their personal identification data.

For consumers seeking additional layers of protection, LendingTree will also offer paid monthly subscription packages through ID Experts’ MyIDCare protection platform. Added services may include monitoring of phone numbers, bank accounts, social security numbers, or social media accounts’ privacy.

The highly advanced software platform makes it easier for users “to stay vigilant and take quick action in the event of any breach,” said Jason Simon, vice president of product management at LendingTree. “Protection from data breaches and identity theft is a critical component in consumers’ journeys toward financial health.”

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