DataVerify—a leading provider of data verification, risk mitigation and workflow automation services—announces DataVerify Assist, its AI lending automation solution. DataVerify Assist is expected to help lenders with the assembly of loan documentation and the automation of classification, extraction, and versioning.
The DataVerify Assist technology, powered by TRUE, is designed to be a touchless automation solution that can help lenders reduce their turnaround times by accelerating the document identification and data extraction process. DataVerify Assist uses computer vision and machine learning technology to analyze and organize data, and deliver verified results in minutes reducing the processing time.
“Lenders are facing a growing list of concerns as they go about digital transformation. They’re looking for solutions that will significantly improve their workflow, reduce the need for human intervention, and continue to protect their portfolio,” says Brad Bogel, president of DataVerify.
Over the years, DataVerify has emerged as one of the top providers of innovative automation solutions for lenders. The addition of their new AI solution is expected to significantly advance many of the automation tools that lenders are already using in their loan manufacturing process. DataVerify Assist boasts powerful data extraction accuracy and patent-pending cross-validation technology to assist the lender by reducing potential compliance issues and allowing for automated reconciliation of structured data to source documents.
“It’s no longer enough to rely on automation in only certain parts of the workflow. Lenders need solutions that help them in various ways throughout the entire life cycle of a loan. We believe that DataVerify Assist is going to offer lenders automation on a scale that they have not been able to access previously and we are very proud to bring this solution to the marketplace,” said Bogel.
“Automation within the lending industry is important now more than ever and AI has become a critical capability in driving this transformational industry need,” says Dr. Ari Gross, CEO and Co-Founder, TRUE. “I am thrilled by the work we’ve done with the DataVerify team. Together we are creating the industry benchmark in AI-powered loan automation, which will ultimately reduce loan manufacturing time, cost, and risk for all lending institutions who leverage this new and innovative product offering.”
This advancement is just one more way that DataVerify is focused on finding dynamic solutions to address the growing need lenders have for digital transformation. It all comes down to being able to provide borrowers with an experience that meets and exceeds their expectations while not requiring the lender to expose themselves to greater risk or reduced profit margins.
DataVerify is a best in class provider of risk mitigation, data validation, and workflow automation solutions for the mortgage industry. DataVerify harnesses advanced analytics and technology to create automated and configurable workflow management solutions. Our highly responsive platform empowers lenders to make precise and consistent business decisions through an engine that identifies and measures hidden threats such as data integrity errors and misrepresentations, identity theft, and property and application risk. Engineered to offer optimal flexibility, the DataVerify platform (which incorporates 4506C, SSA, and employment and income verification) allows lenders to manage risks according to their institution’s tolerance level. To learn more, visit www.dataverify.com.