Fintech startup wemlo, a subsidiary of RE/MAX Holdings, has launched an artificial intelligence-powered technology created to boost and automate mortgage loan processing.
The new tech, called Athena, is a virtual assistant AI technology developed to identify discrepancies within the mortgage loan application. It also verifies documents based on loan types to mitigate conditions.
“By helping to identify potential issues within the 1003 mortgage application before it is sent to lender underwriting, Athena increases efficiency for the mortgage loan originator and processor, creating a systemic approach to make sure the 1003 is full and complete and a good file is created,” said wemlo co-founder David Rogove. “And the cleaner the file, the less chance of lender delays.”
In 2018, the Florida-based company developed the first cloud service for mortgage brokers that combines third-party loan processing with an all-in-one digital platform. Its product is marketed and sold to mortgage brokerages and loan originators across the country.
Additionally, Athena has the ability to request title and automatically generate fees.
“As Athena evolves with additional automated activities she will help make mortgage loan originators who use the wemlo platform more effective, and increase speed for clear to close, which in turn, may assist them in growing their business,” wemlo co-founder Steven Gelley said.