The partnership between AI Foundry and Ellie Mae announced today is the latest sign of how digital transformation is sweeping through the mortgage industry.
The two companies – a provider of advanced AI solutions to streamline business processes and a residential mortgage software specialist – will integrate their technologies to help reduce the most labor-intensive aspects of the mortgage origination process. Together, AI Foundry and Ellie Mae seek to bring greater efficiency and easier compliance for the thousands of lenders who rely on Ellie Mae’s Encompass digital mortgage solution.
“By integrating our technology with an innovative industry leader such as Ellie Mae, we can dramatically expand AI Foundry’s reach into lenders, and help them speed mortgage originations through increased productivity and accuracy,” VP of Business Development for AI Foundry Clark Brett said. “For their customers, this translates into mortgage application approvals in hours rather than weeks.”
Lenders using Ellie Mae’s Encompass will be able to leverage AI-powered automation to lower the amount of time it takes to identify, collect, and organize borrower documents; proactively spot and act on missing and/or incomplete documentation; and conduct real-time validation and verification of data extracted from the documents.
The new capabilities, including AI Foundry’s visual cognitive document automation technology, will give users of the Encompass platform better processing efficiency, as well as improved risk and quality management.
“Our technology integration will provide the 3,000 mortgage lenders who use Ellie Mae solutions an onramp to Encompass that will significantly improve their productivity and drive their lending business forward,” founder and General Manager of AI Foundry Steve Butler said.
AI Foundry demonstrated its Agile Mortgages solution at FinovateFall 2018. The technology uses both AI and machine learning to help FIs automate and streamline manual processes, improving efficiency and transforming the customer experience. Founded in 2016 and headquartered in Wakefield, Massachusetts, AI Foundry was named to CIOReview’s 20 Most Promising Banking Technology Solution Providers last summer.
Ellie Mae made headlines earlier this month when it announced that the company had agreed to be acquired by Thoma Bravo for $3.7 billion. The Pleasanton, California-based company was founded in 1997, and demonstrated its Encompass Consumer Connect and Developer Connect solutions at FinovateSpring 2017.