The partnership takes a modern approach to automate, fast-track post-closing and compliance.
Avanze Tech Labs announced its partnership with SoftWorks AI to bring to market STACX. It is a SaaS post-closing solution that automates processing and compliance checklists for lenders, servicers and title companies. It 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.”
STACX can automate document classification and can recognise and organise 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 customisable. It uses rules and preferences that can be defined by an administrator without requiring high customisation and upfront implementation fees. “Our aim to be nimble for our clients fuels our companies to make better products,” added Pasha.
