Infrrd, a leading provider of AI-driven document processing solutions, proudly unveils MortgageCheckai, a revolutionary platform designed to expedite pre-fund and post-close loan audits for mortgage lenders and servicers.
MortgageCheckai is a game-changer in mortgage auditing, empowering loan closers and QC reviewers to speed up loan reviews with unmatched data accuracy while upholding the audit’s integrity. With Infrrd’s cutting-edge AI technology, loan closers or QC auditors can now achieve substantial time savings, reducing the manual review of loan documents by at least 50%.
“Our mission with MortgageCheckai is to transform the mortgage auditing landscape and make auditors future-ready with AI,” said Amit Jnagal, CEO of Infrrd. “We understand the hurdles faced by mortgage lenders and servicers in conducting thorough and efficient audits. With MortgageCheckai, we’re delivering a revolutionary solution that enables auditors to streamline their processes, mitigate risky loan decisions, and stay compliant effortlessly.”
Infrrd has teamed up with Asurity, a leading provider of compliance-focused services and solutions, to design MortgageCheckai. Infrrd is applying its cutting-edge technical capabilities to harness Asurity’s extensive mortgage industry expertise. This collaboration has allowed Infrrd to automate laborious mortgage closings and QC processes with compliant, complex document types, and variations in loan structures. Asurity’s role in developing this innovative platform has transformed it into an invaluable tool serving as a loan closer and QC auditor’s second brain.
Luke Wimer, COO at Asurity, stated, “We are pleased to be partnering with Infrrd as they launch MortgageCheckai. Asurity utilizes this technology to accelerate mortgage loan closing processes and reduce error-prone manual processes. Infrrd is setting a new standard for efficiency and productivity enabling customers to focus on what truly matters.”
Infrrd’s MortgageCheckai platform uses patented AI algorithms to automatically index, categorize, and scrutinize loan documents with unprecedented data accuracy. By automating repetitive manual tasks, MortgageCheckai empowers auditors to focus on high-impact activities, resulting in expedited audit completion and enhanced operational efficiency.
“The financial services industry is undergoing rapid transformation, and by 2030 AI will change the way loans are audited,” said Amit Jnagal. “With MortgageCheckai, we’re leading the charge towards automation in mortgage auditing, setting the gold standard for efficiency and a competitive advantage for AI believers.”
MortgageCheckai is designed to accelerate loan closings and automate end-to-end mortgage audits supporting over 600 mortgage document types. Some key functionalities of the product are:
- Auto-Stacking of Loan Documents: Organizes document packages into lender-specified sequence by document type and version.
- Advanced Document Versioning: Automatically identifies the latest and correct version of the document.
- Reports Document, Data, and Fee Issues: Auto-detects over 60 common issues, such as missing documents, data mismatches, and expired CDs, and flags them for auditor review.
- Built-in CD Balancer: Automatically extracts and reconciles estimated and final closing details from Loan Estimates and Lender/Title Company Closing Disclosures highlighting discrepancies and out-of-balance conditions so that users can focus on exceptions only.
- Intelligent Data Validation: Automatically compares digitally supplied and extracted document data across different documents and data sources and flags mismatches.
- Change-Tracking and Audit Trails: Automatically tracks user-driven data changes in a comprehensive audit trail including date, user, and comments, with automatic and User-generated issue generation and tracking.
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