by Ari Gross, CEO & Founder
When it comes to people, there is no one size fits all. Every individual brings a unique background and set of circumstances to the table, which makes it all the more important for lenders to get a full picture of who their customers are.
Lenders today understand this complexity and are looking to achieve a holistic view of the borrowing public. Every piece of documentation that underlies a loan, from a paystub, to a W2, to a bank statement, is a critical piece of the puzzle. To make effective underwriting decisions, lenders must ensure no stone is left unturned and that each document is cross validated to ensure accuracy and prevent fraud.
Understanding what’s going on in a loan application is like doing a forensic dig – the layers of material that illustrate who an individual is must make sense in terms of their broader financial journey. The goal is a full and true picture of each borrower that enables underwriters to proceed faster, with greater precision and less risk.
That truth is central to what we do. That’s why SoftWorks AI today launched an extensive rebrand that includes changing our company name to TRUE. This doesn’t mean we’re changing who we are or what we do. Over the past five years, we’ve been consistently modernizing our technology, capturing and analyzing more data so lenders can meet customers’ most important expectations – speed, accuracy, and reduced risk. With deeper, more comprehensive, and extremely accurate insights on borrowers, TRUE allows lenders to gain market share and brings lending closer to becoming a real-time experience.
The TRUE brand is focused on using cutting-edge AI technology to find what is consistent, in-sync, and true. Our technology reads documents chronologically and holistically rather than just sampling – understanding and analyzing each document within the context of the larger loan package rather than as isolated documents. This automation enables thorough decisions and takes humans out of the loop – while at the same time providing transparency and explainability that builds confidence. This powers more trustworthy lending.
Our technology also protects sensitive data, negating the need to engage business process outsourcing (BPO) for the extraction and verification process, as many of our competitors do. Such BPO companies are often offshore, raising compliance risks. By ensuring data retention and security without humans in the loop, only those who need to view materials as part of the lending process are engaging with it.
The result is technology that does what it says it does, by going where others don’t. TRUE harnesses the power of AI to go far beyond generic data classification that misses important details and nuances, and can result in costly bad decisions.
It all starts and ends with the data. True, verifiable data is a competitive advantage when analyzed efficiently and accurately. We’re excited to keep delivering this advantage to our growing client base as we enter the next phase of our journey.
Best, Ari
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The TRUE Lending Intelligence Platform automates the entire decisioning process with powerful solutions. Lending will never be the same.
