Ellie Mae introduces AIQ Credit Analyzer
Ellie Mae continues to deliver on its stated mission of automating everything automatable for the mortgage industry. The cloud-based mortgage fintech introduced Ellie Mae AIQ Credit Analyzer, an omnichannel solution designed to automate the loan underwriting credit evaluation and due diligence reviews.
The software’s patented artificial intelligence (AI) and machine learning (ML) technologies automate these key underwriting processes improving return on investment for lenders, investors and servicers.
The AIQ Credit Analyzer can take an average of 26 minutes per loan to complete, the company said. It helps expedite data evaluation, reducing processing time by 80%, to only five minutes per loan.
The significant time saved enables underwriters to be more efficient. For example, they can focus on exceptions – presented by the system in a separate queue – instead of evaluating the entire transaction, the company said. Ultimately, Credit Analyzer reduces loan origination costs for lenders and improves underwriting capacity “in one of the most highly valued and complex pieces of the mortgage process.”
Credit Analyzer recognizes and extracts key data fields from documents to create automation ready, “perfected” datasets based on more than 40 rules that check for consistency, accuracy “and pick up where the AUS findings left off.”
What Ellie Mae AIQ Credit Analyzer brings to the market is more loans, not more work, said Eric Connors, senior vice president of product management, Ellie Mae. Powered by AI and ML technologies it gives underwriters a simple tool to speed the review process, “improving capacity and performance while positively impacting a lender’s bottom line.”
Credit Analyzer follows the launch of the Income Analyzer launched in October of 2019, also part of Ellie Mae’s AIQ omnichannel that automates loan processing and origination by streamlining data collection and validation, calculations, and risk analysis.
Citywide launches Adwerx for LOs
Citywide Home Loans, a national mortgage lender based in Sandy, Utah is empowering its loan officers with advanced marketing technology from Adwerx. Citywide signed up for the full-service Adwerx Enterprise Automation platform, which generates personalized, omnichannel brand marketing and automation at enterprise scale.
Established in 1998, Citywide currently employs nearly 800 employees doing business in 37 states. As part of the program, Citywide will have access to Adwerx’s digital advertising automation technology to scale marketing best practices across the company’s fifty-five branches.
“We are committed to providing best-in-class services to help our loan officers grow their business,” said Quinn Richins, VP of marketing at Citywide Home Loans. “The Adwerx Platform has become a powerful differentiator as we grow our employee base.”
The portal enables loan officers to deliver targeted advertising on social media, streaming TV and premium websites using turnkey automation technology. All loan officers and franchisees have digital retargeting campaigns that launch automatically on social media platforms and websites visited by potential clients, the lender said.
The content distributed to loan officers through a branded, self-service portal includes access to a “pre-made inventory of personalized ads” that they can run individually alongside their own automated campaigns.
Each loan officer also “can target qualified prospects directly” with personalized commercials on streaming TV services that expand their TV marketing power at an affordable price point. The result is individual access “to a fully integrated, results-oriented digital marketing solution,” the company said.
Intelligent retargeting extends loan officers’ reach and the opportunity to recapture the interest of prospects. Up to 43% of website visitors “are more likely to convert” into clients, according to Adwerx, while retargeting ads follow their online behavior.
Personalized Streaming TV Commercials deliver a new level of brand exposure on the most successful advertising medium, the company said, as statistics show 76% of U.S households now subscribe to video screening service.
The custom audience campaigns option allows loan officers to create immediate online visibility, build brand awareness, and target their most important clients and local communities with personalized ads on Facebook, mobile apps or specific websites.
“We’re thrilled to join forces with Citywide Home Loans, and power their digital advertising strategy,” by making online and streaming TV advertising accessible, frictionless and easy, said Jed Carlson, CEO of Adwerx.
Adwerx’s automated service model consists of compatible technology that is easy for loan officers to adopt and run. Based in Durham, N.C.,Adwerx serves brokerage firms and mortgage originators in the U.S., Canada and Australia.
Bee Mortgage App goes live
The ongoing race to automate mortgage loan origination in innovative ways keeps bringing to market startups aspiring to disrupt housing finance, such as Bee Mortgage App (BMA). Based in Ponte Vedra, Fla., the artificial intelligence and blockchain technology powered fintech recently announced its debut offering.
BeeMortgageApp is a debt-to-income calculator that enables prospective homebuyers to “easily identify their ideal sales price and monthly payment,” from their mobile phone. This minimum viable product (MVP) for Apple and Android smart phones is now available on App Store or Google Play Store.
“Consumer feedback of the app has been very positive,” especially about how easy it is to use and the contactless mortgage experience, said Curtis Wood, co-founder and CEO.
BMA also announced it has joined forces with DomiDocs, a cloud-based property management platform for homeowners, and Millennial Title, an independently owned title company that specializes in loan closings for residential and commercial properties; and launched a digital advertising kickoff campaign.
Financial milestones include the successful completion of a pre-seed investment round, and the opening of its October seed-round.
Currently BMA is working with architecture, engineering, and construction technology investor, Dysruptek. “Changing consumer preferences will give Bee App a tailwind as it goes to market,” said Cutler Knupp, director of strategy & technology investments, for Dysruptek, the venture fund of engineering firm, Haskell.
Founded by licensed real estate agents, mortgage pros, and experts in blockchain technology and mobile app development, according to a company statement, BMA aims to disrupt the $2.8 trillion dollar housing market.
Off to a good start, BMA’s new mobile mortgage app designed to automate key loan data driven processes helps reduce the cost of getting a mortgage. Besides affordability, the startup said, it will focus on creating an “end-to-end mobile, mortgage experience easy enough for a first time buyer to use.”
Amilda is a journalist and branding consultant interested in how entrepreneurs turn brilliant ideas into products and services that advance business acumen and improve people’s lives in unprecedented ways. She has covered mortgage finance for over 15 years.