TheMReport — News and strategies for the evolving mortgage marketplace.
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34 | M R EP O RT Top 25 Fintech Innovators HEADQUARTERS LOCATION: Carrollton, Texas PHONE: 844.933.0555 WEBSITE: a360inc.com HEADQUARTERS LOCATION: Wakefield, Massachusetts PHONE: 781.203.8322 WEBSITE: AIFoundry.com a360inc AI Foundry COMPANY DESCRIPTION: a360inc is a leading technology and outsourcing services provider to the financial services, real estate, and legal industries. a360inc provides case management system technology and practice man- agement services to law firms, title agencies and underwriters, and mortgage servicing companies and investors. a360inc products in- clude CaseAware, Portfolio Guardian, POCPro, CourtXpress for law firms, and VendorScape, CMAX, and iClear for mortgage servicing companies and investor clients. INNOVATION SPOTLIGHT • Via—a360inc's next-gen servicing tech project, VIA, is the future of technology in the mortgage default space. VIA—or virtualization, integration, and automation via a360inc— incorporates the functionality, process flow, and various stakeholder views that currently exist separately across the companies' tech assets and integrates them into a single platform built for future of default servicing. • Single tech platform allows each stakeholder to have a customized, birds-eye view. • Integrated technology addresses the entire life cycle of processes, billing and action triggers, documentation, reporting, and projecting needs for mortgage servicers, investors, law firms, and other vendors. COMPETITIVE ADVANTAGE a360inc is a people-first, tech-driven organization that leverages world-class developers, draws on the expertise of technology and business experts across a broad field of study, and takes a holistic view of tech development that solves problems across the full scope of an industry. With that philosophy, a360inc revolutionizes the interplay of people and tech in servicing default loan products. COMPANY DESCRIPTION: AI Foundry, an artificial intelligence (AI) platform company, has devel- oped its Agile Mortgages, which includes patent-pending technologies using the latest in AI, machine learning, and machine vision to improve the efficiency of mortgage document processing to speed it from the current industry average of three to four weeks down to just days. INNOVATION SPOTLIGHT • Agile Mortgages—automates manual mortgage processes, en- abling lenders to dramatically accelerate the lending lifecycle. This improvement in speed can significantly change the way people buy and finance homes and enables banks and other lenders to improve efficiency, reduce costs, and compete more effectively. • Cognitive Business Automation Platform—designed with a model- driven, microservices architecture that enables rapid design, devel- opment, and operation for faster decision making. Agile Mortgages cognitive robots automate processes by quickly extracting data from electronic images and documents with superior accuracy and minimal manual intervention. Stepping beyond traditional RPA, Agile Mortgages robots leverage built-in mortgage expertise which is necessary for many loan processing tasks and combines this with advanced, dynamic decisioning based on the data received. COMPETITIVE ADVANTAGE Today's homebuyers are accustomed to near-instant digital transac- tions, and they expect the same fast, easy experience with their mort- gage. Agile Mortgages can make the process faster and easier, while allowing lenders to improve efficiency and reduce costs. The industry has already taken notice of Agile Mortgages, as Ellie Mae integrated AI Foundry's AI technology with its Encompass Digital Mortgage Solution. Agile Mortgages was featured in the Wall Street Journal in March 2019. Radius Financial Group's COO Keith Polaski said, "Radius has made substantial progress toward the 'no human touch' goal. They now process more than 90% of all documents through AI engines."