Avanze Tech Labs partnered with SoftWorks AI to launch STACX, an automated document management platform for post-closing, loan origination and loan servicing for lenders, servicers and title companies.
“There’s lots of room for innovation and improvement throughout the mortgage process,” Avanze CEO Auvese Pasha said in a release. “We’re aiding the path to digital mortgage by helping solve issues related to post-closing, leveraging AI in a way that drastically reduces processing times while maintaining the high degree of accuracy that is so crucial in this industry.”
STACX automates document classification and recognizes and organizes more than 540 different mortgage document types, reducing both human error and labor costs. Optical character recognition software and cross-validation technology extracts 6,000-plus data fields from loan documents, reducing processing times.
“We’re excited to be working with Avanze to jointly bring our touchless mortgage automation solutions to the market,” SoftWorks AI CEO Ari Gross said. “Manual document processing has been time consuming and error prone. Through our partnership, processes that once took hours can now be done with a higher degree of accuracy in just minutes.”
The workflow management tool is customizable with rules and preferences defined by individual organizations. “Our aim to be nimble for our clients fuels our companies to make better products,” Pasha said.