By ET Bureau - March 10, 2021 2 Mins Read
Avanze Tech Labs today announced its partnership with SoftWorks AI to bring to market STACX, a SaaS post-closing solution, automating processing and compliance checklists for lenders, servicers and title companies.
With support from SoftWorks AI, Avanze’s recent launch of STACX eliminates the need for labor-intensive, manual reviews, creating a seamless digital experience for its clients’ operations; the AI and ML technology reduces loan processing time and improves the loan fulfillment process.
“There’s lots of room for innovation and improvement throughout the mortgage process,” according to Avanze CEO Auvese Pasha. “We’re aiding the path to digital mortgage by helping solve issues related to post-closing – leveraging AI in a way that drastically reduces processing times while maintaining the high degree of accuracy that is so crucial in this industry.”
Advanced AI and machine learning algorithms reduce both human error and labor costs; STACX can automate document classification and can recognize and organize over 540 different mortgage document types. Highly accurate optical character recognition (OCR) software coupled with cross-validation technology extracts 6,000+ data fields from loan documents, reducing processing times & resulting in faster loan decisions. Avanze’s partnership with Softworks AI brings to the industry an intuitive platform that is highly customizable, using rules and preferences that can be defined by an administrator in your organization, without requiring high customization and upfront implementation fees. “Our aim to be nimble for our clients fuels our companies to make better products,” added Pasha.
“We’re excited to be working with Avanze to jointly bring our touchless mortgage automation solutions to the market,” said Ari Gross, CEO of SoftWorks AI. “Manual document processing has been time-consuming and error-prone; through our partnership, processes that once took hours can now be done with a higher degree of accuracy in just minutes. Avanze’s deep understanding of the mortgage industry coupled with our bleeding-edge technologies will provide our clients a world-class digital mortgage experience.”
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