Mortgage technology provider PromonTech will introduce a new income engine that leverages augmented intelligence to learn from underwriters for faster, more compliant credit decisions.
The technology of arm of Promontory MortgagePath will launch Income AI in Las Vegas next week. The new offering follows Borrower Wallet, a point-of-sale product released by the company in 2017.
"The cost to originate a loan has doubled over the last 10 years, and mortgage lenders need truly innovative solutions to realize meaningful costs savings and productivity improvements. Our Income AI technology will produce accurate, reproducible, documented results and is the gateway to significantly reducing costs in the lending process," said Tony Pietrocola, head of sales at PromonTech.
Using data captured through Borrower Wallet, Income AI automatically calculates qualified income using industry-standard formulas. PromonTech said this capability results in up to 20% time and cost savings on complex credit decisions. The company also said that Income AI can help lenders realize cost savings when used with the rest of its product suite.
"Income AI is the next step towards realizing the near-term opportunities for augmented intelligence. PromonTech has created a platform that enriches data to be leveraged by AI and machine learning to help lenders continue to evolve to compete in the challenging market ahead," said Michael Kolbrener, PromonTech's chief technology officer.