Avanze Tech Labs has launched an artificial intelligence (AI) and machine learning SaaS product it said simplifies and fast-tracks the entire post-close process.
Avanze said its STACX post-closing solution enables lenders and title companies to improve cycle times and reduce operating costs. It said STACX utilizes AI to automate the classification and extraction of data from loan documents, streamlining the process.
Avanze said the software eliminates the manual work of mortgage processing and labor-intensive quality assurance checks. It said the technology leverages an open API framework to integrate with existing document management systems and loan origination software.
“Post-closing has been an ignored sector in the digital mortgage evolution, and we saw an opportunity to better serve the industry,” Avanze Tech Labs President and CEO Auvese Pasha said in a release.
“With STACX we are using AI in the most intelligent way to expedite loan processing and increase confidence in quality assurance, making the life of the post-closing user easier and enabling the business to operate with speed and agility,” he added.
The company said STACX allows clients to create custom workflows and automated compliance checklists to streamline communication. It said this allows subject matter experts to focus on challenging tasks versus items that can now be automated.
“Our system is constantly learning, so our clients can continue to save time and effort as we improve using their feedback,” Pasha said. “STACX has a built-in QC framework for review of the final product providing real-time results, organizing and classifying loan documents in seconds.”