Ellie Mae has announced a new tool that automatically perfects data in mortgage documents to cut the credit review process in underwriting to five minutes per loan.
Powered by its proprietary AI and machine learning technologies, Ellie Mae’s newly launched AIQ Credit Analyzer automates the credit evaluation and due diligence reviews when underwriting a loan. The tool is designed to reduce origination costs, improve underwriter productivity, and reduce overall risk by shaving more than 80% in the credit review process.
The Credit Analyzer also recognizes and extracts key data fields from documents to create an “automated ready data set,” according to the firm. The tool then uses the “perfected data” to cross-examine more than 40 rules that check for consistency, accuracy, and pick up where the AUS findings left off. Any exceptions are shown in a separate queue, enabling underwriters to focus on exceptions instead of evaluating the entire transaction.
“The launch of Ellie Mae AIQ Credit Analyzer means more loans, not more work,” said Eric Connors, senior vice president of product management at Ellie Mae. “This solution is powered by our patented automated intelligence and machine learning technologies and gives underwriters a simple tool to speed the review process, improving capacity and performance while positively impacting a lender’s bottom line. We’re excited to offer this new solution as it is the continuation of our mission to automate everything automatable for the mortgage industry.”