Allied Mortgage Group [1], a full-service residential mortgage lender, announced its partnership with AI Foundry, a provider of advanced artificial intelligence (AI) solutions. AI Foundry has collaborated with Allied to develop “ARTificial Intelligence Employee" (“ARTIE”). The initial post-closing phase significantly reduces the time-per-file from nearly an hour to just minutes.
“This is a very exciting time for Allied as we begin leveraging cutting-edge technology to improve our business and increase efficiency,” says Kyle Manseau, SVP of Operations at Allied. “This is just the beginning of an ongoing effort and high priority for our company to apply AI to other areas of our process.”
AI Foundry has developed advanced artificial intelligence, machine learning, and machine vision to create cognitive robots that review loans, improve the speed and efficiency of mortgage processing, and deliver automation to all areas of the lending process. This automation greatly reduces and, in some cases, even eliminates the need for a human touch, allowing operations staff to focus on the more complex areas of the loan process.
Roy Chowdhury, President and CEO of Allied Mortgage Group said, “In our industry, it’s important to always deliver the highest level of service possible to our clients. I am very encouraged by the demonstrated results of ARTIE and how it has helped our overall process. We will continue to explore what else AI will enable us to do as we strategically grow our business.”
Allied Mortgage Group has deployed AI Foundry’s Document Indexing and Filing cognitive robot to accelerate processing, reduce costs, and remove human error when collecting and filing all the documents that support a mortgage loan.
“Seeing our AI platform in production with a top lending organization such as Allied is a great testament to what our technology can do,” said Steve Butler, President and Founder, AI Foundry. “Allied has seen rapid improvements in the performance of the model and is now getting significant value from our Agile Mortgages solution. They are a great partner and we look forward to helping them add more automation throughout their loan life-cycle to improve efficiency and reduce costs for each loan.”