Avanze Tech Labs has partnered with SoftWorks AI to bring its STACX SaaS post-closing solution to market. The tool, developed by Avanze Tech Labs, reportedly leverages AI and machine learning to reduce costs and processing times in the post-closing process.

“There’s lots of room for innovation and improvement throughout the mortgage process,” according to Avanze CEO Auvese Pasha. “We’re aiding the path to digital mortgage by helping solve issues related to post-closing – leveraging AI in a way that drastically reduces processing times while maintaining the high degree of accuracy that is so crucial in this industry.”

It was not immediately clear what Softworks would bring to the partnership. But Avanze said in a release that support from SoftWorks AI, would allow STACX to eliminate the need for labor-intensive, manual reviews, creating a seamless digital experience for its clients’ operations.

The companies said STACX can automate document classification and can recognize and organize over 540 different mortgage document types. Highly accurate optical character recognition (OCR) software coupled with cross-validation technology extracts 6,000+ data fields from loan documents, reducing processing times & resulting in faster loan decisions. 

“We’re excited to be working with Avanze to jointly bring our touchless mortgage automation solutions to the market,” said Ari Gross, CEO of SoftWorks AI. “Manual document processing has been time-consuming and error-prone; through our partnership, processes that once took hours can now be done with a higher degree of accuracy in just minutes.”

NEXT Mortgage News logo

Stay in the know

Get the daily intel that impacts your customers, employees and market. 

Up NEXT eNewsletter — Industry news

Thank you!

Share This