SoftWorks AI, an artificial intelligence (AI)- and computer vision-based mortgage automation firm, 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 be integrated with Tavant’s document ingestion platform, FinCapture, providing organizations across the mortgage ecosystem with what they say are 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 of SoftWorks AI, Forest Hills, New York. The firm was born from the Machine Perception & Computer Vision Lab at the City University of New York. “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.”
FinCapture automates essential processes such as document indexing and classification, data extraction, data validation and inter/intra documentation audits, generating a repository of 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 will be instantly and accurately recognized to ensure quality, validity and type, enabling lenders to complete normally time-consuming reviews in a matter of seconds, the companies said.
The integration will provide lenders substantial efficiency improvements in the loan origination process, said Mohammad Rashid, head of fintech practice at Tavant.
“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,” Rashid said.
