FOREST HILLS, N.Y., Dec. 2, 2020
SoftWorks AI, an AI, and computer vision-based mortgage automation firm, today announced it has entered a strategic alliance with Tavant, a Silicon Valley-based provider of AI-powered digital lending technologies, to provide organizations with an enhanced digital mortgage experience. SoftWorks AI’s intelligent mortgage document automation capabilities will now be integrated with Tavant’s best in class document ingestion platform, FinCapture, providing organizations across the mortgage ecosystem with the most advanced documents to data automation capabilities currently available in the market.
“Today’s mortgage technology landscape does not adequately address the need to shorten cycle times and improve data quality,” said Tom Wuensch, COO, SoftWorks AI. “This partnership combines SoftWorks AI’s decades of experience in transforming documents to actionable data with Tavant’s deep expertise in mortgage automation to support all phases of the digital mortgage lifecycle. Together, we are helping firms streamline their mortgage process workflows and achieve near touchless automation with the most intelligent structured data available.”
Tavant’s FinCapture automates essential processes such as document indexing and classification, data extraction, data validation, and inter/intra documentation audits, generating a repository of critical information used to create and manage a digital loan file. Integrating the SoftWorks AI platform enables automated extraction of data from transactional loan documents. Documents are instantly recognized with the highest accuracy available to ensure quality, validity, and type, thereby enabling lenders to complete normally time-consuming reviews in a matter of seconds.
According to Mohammad Rashid, Head of Fintech Practice at Tavant, the integration will provide lenders substantial efficiency improvements in the loan origination process. “Together, we are providing an automated solution that will help firms eliminate many time-consuming tasks and instead focus their efforts on quicker decisioning, increased productivity, superior data quality, and reduced mortgage cycle times, substantially improving the client experience.”
SoftWorks AI’s intelligent mortgage automation solution leverages over 20 years of applied artificial intelligence and computer vision expertise to allow firms to streamline their mortgage workflows and achieve touchless automation with the most accurate data available. Rapidly gaining market share, Tavant’s expanding customer base originates one out of every four loans in the United States. Tavant’s VΞLOX suite of products optimizes the back-office, simplifies mid-office, and transforms the front-end consumer experience into an efficient digital data flow.
About SoftWorks AI
Born from the Machine Perception & Computer Vision Lab at the City University of New York, SoftWorks AI is a provider of intelligent mortgage automation solutions. We strive to leverage our deep expertise in computer perception, advanced document understanding, and AI technologies to transform raw data into intelligent actionable information, equipping knowledge workers with the means to drive business decisions faster and more effectively. Visit us at www.softworksai.com
Find SoftWorks AI on LinkedIn.
