TheMReport — News and strategies for the evolving mortgage marketplace.
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6 | TH E M R EP O RT MTECH including a mobile app and SMS notifica- tions. These features allow Hubzu users to further engage and interact during the search and online auction phases by receiv- ing real-time notifications regarding auc- tion outbids, auction end times, foreclosure auction alerts, auction bid prices, and new properties. Bids can now be placed directly through the mobile app and via SMS, a feature—providing users the flexibility they need to remain con- nected during an active auction. The Hubzu marketplace features more than 3,500 active properties available for sale, and the new mobile offerings provide additional options for Hubzu users to search, learn, bid, and buy through the tools that they are most comfortable using. Hubzu's data shows that more than 50% of users who visit the website are doing so via a mobile device. Through mo- bile app push notifications and real-time SMS notifications, users can stay in the know about relevant property auctions and the latest bids. "Hubzu is dedicated to investing in the right technology to help bring bidders and sellers together in real time," said Patrick G. McClain, SVP, Marketplace Product for Altisource. "We have created a way for users to stay up to speed on the inventory of properties marketed on Hubzu and not feel as though they are tied to the website in order to make a bid. Convenience is key, and with the new mobile app and SMS feature, our users have the flexibility to participate in online auctions marketed on Hubzu in the manner in which works best for them." "We are proud of Hubzu's success and mo- mentum over the last 10 years," McClain said speaking on the company's progress over the past decade. "This tremendous achievement would not be possible without the dedication from our employees and the loyalty of our customers. The Hubzu team remains com- mitted to constant innovation and driving the product enhancements required to provide best-in-class transparency and efficiency for homebuyers and sellers. I am extremely proud of the team and looking forward to another decade of innovation." Functionally Speaking AI FOUNDRY LAUNCHED A MORTGAGE DOCUMENT MODEL TO ITS EXISTING AUTOMATION PLATFORM. A I Foundry, an artificial intelligence (AI) platform company, recently announced the launch of its mortgage document model, adding new functionality to its Cognitive Business Automation Platform. According to AI Foundry, it incorporates the "latest in AI, machine learning and machine vision to deliver a higher level of automated classification and data extraction capabilities." "This document model capability will enable the mortgage industry to use AI to replace multi-week manual processes, so that mortgages can be processed from 'application to underwriting' in days, not weeks." "The model enables any lender to upload its loan application material and in return receive fully indexed and extracted data within seconds. The model delivers 95 percent accuracy and was trained on more than 100,000 mortgage documents, 300 document types, and 2,000 data extractions to date, using both cognitive and deep neural network techniques," said Peter Piela, Ph.D., Head of Solution Development at AI Foundry. "The percentage of accuracy using our vision technology is comparable to human manual processes, while legacy text classification approaches fall well short of this at roughly 80 percent accuracy. The impact of using our document model means significant time savings for the lender and the replacement of expensive manual processes with far more efficient automated ones. "In addition to the document model, the platform contains a powerful rules engine that allows clients to create intelligent robotic agents to automatically monitor completeness, integrity, and compliance. The rules engine enables users to make actionable inferences that trigger remedial events early in the document-processing and exception-handling phases, thereby reducing overall cycle time and the cost of remediation," Piela added. AI Foundry's plan is to make the document model available to customers as part of the Cognitive Business Automation Platform, so they can use the existing model as well as augment the capabilities of the base model to solve specific mortgage workflow processes. An Eye on Natural Disasters CLOSINGCORP HAS INTRODUCED AN ALERTS SYSTEM FOR ITS SMARTFEES USERS. C losingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, recently announced that it will provide Natural Disaster Alerts to SmartFees users. In the event of a natural disaster, such as a hurricane, tornado, or wildfire, lenders using SmartFees, will receive an alert listing all properties in the affected area with mortgage applications pending. The alert will also provide a score of "Low," "Moderate," or "Severe" based on proximity to the disaster to help lenders understand a property's potential risk and the need for additional quality control reviews, such as a new inspection or appraisal,