AUSTIN, TX / ACCESSWIRE / April 8, 2020 / Veptas, the leading provider of Artificial Intelligence in the mortgage analytics field, and Flueid Software Corp., today announced a collaboration to harness the power of AiCurio from Veptas with TitleCheck. TitleCheck analyzes possible property and consumer title underwriting issues to immediately provide an accurate clear-to-close decision.
Powered by Artificial Intelligence, AiCurio is the world’s most accurate mortgage portfolio analytical platform delivering portfolio analysis that predicts with 96 percent accuracy which mortgages in a loan portfolio will experience prepay, delinquency, default, and losses as well as which loans should be targeted by marketing. TitleCheck, provides an underwriter-backed clear-to-close decision in seconds, significantly accelerating the ability of mortgage lenders to laser-focus on loans within their portfolio that can potentially be refinanced while delivering significant cost savings.
Mortgage lenders often have a portfolio of 100,000 mortgage loans or more with varied performance bands, and many high-credit, low Loan-to-Value (LTV) customers are refinancing. The marketing cost to solicit all borrowers in the portfolio with a mortgage refinance offer is too high, the response rate is inadequate, and a significant number of responders who begin the application process fail to get approved due to credit, collateral, or title issues. The result is an unacceptably high-cost-per-new-loan-generated.
This collaboration between Veptas and Flueid combines the utilization of Artificial Intelligence and the industry’s most comprehensive database to identify with near-perfect accuracy which loans in a portfolio are best-suited as targets for marketing by mortgage lenders. The AiCurio database of public and private records contains 22 years of mortgage history with more than 110 million loans and six billion payment records. AiCurio’s proprietary analytics deploy Artificial Intelligence to predict loan performance 96 months into the future. This powerful solution identifies the specific loans with the credit and collateral that can be approved for a refinance. Coupled with TitleCheck, which can render a title clear-to-close decision in seconds for each loan, originators now have the unique ability to more efficiently focus exclusively on the loans in their portfolio that actually can be approved for refinance.
The result delivers a significant leap forward in forging focus and enormous marketing, underwriting, and processing savings along with efficiency and cost-effectiveness. Originators can eliminate wasting resources to market, underwrite, and process loan applications that cannot obtain approval due to credit, collateral, or title issues. Together, the AiCurio and TitleCheck solutions provide mortgage originators with critical information in a timely manner designed to uniquely identify risk and opportunity in ways never possible before.
“Imagine if 96-percent of the activity in your loan origination office was only working on loans that could actually qualify for a ‘Clear-to-Close.’ You’d eliminate the wasted time and money spent on working on loans that will never close,” said Lester Firstenberger, Chairman of Veptas. “Our deep learning artificial neural net model predicts at a 96% accuracy all cash flows, prepayments, defaults and many other items providing a new level of mortgage analytics.”
“We are thrilled that our two companies, known for innovation, quality and technical excellence, are working together in this way to allow mortgage lenders to access powerful, new solutions that deliver the most accurate information,” added Peter Bowman, CEO of Flueid.“The mortgage industry is overwhelmed right now with uncertainty in the capital markets. Lenders need fast, inexpensive, and accurate information that helps them to break new ground during these difficult times. AiCurio and TitleCheck take analytics to the next level.”
AiCurio by Veptas
TitleCheck by Flueid
Artificial intelligence predicts loans that will prepay with 96% accuracy
Instant title decision analysis on an entire portfolio
Can identify loans with credit and collateral for refi and additional credit opportunities
Title underwriting stands behind automated “Clear to Close” title decisions
Veptas is an enterprise solution for mortgage analytics helping to meet the complex challenges of managing mortgage loan portfolios. AiCurio has the ability to analyze mortgage portfolios and predict future performance, providing prescriptive servicing actions to maximize cash flow, minimize losses, and increase ROI. See www.veptas.com for more information.
About Flueid Software Corp.
Employing modern technologies, Flueid Software Corporation is on a mission to fundamentally change how the traditional real estate transaction closing process works. Our goal is not to eliminate critical functions, but to enhance them by making them smarter, which ultimately reduces scope and cost. Working with major partners, Flueid has already developed key solutions in this respect that improve data management, deliver the right information at the right time, and optimize business processes in support of this goal. With broad strategic, design, technology and operational experience in all facets of the mortgage industry, we have created foundational solutions for both internal use as well as for Fortune 500 organizations and start-ups in business-critical areas. For more information, please visit www.flueid.com.
For more information on the collaboration between Veptas and Flueid, see www.aicurio.com/helpisontheway.
Flueid Software Corporation
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