Gateless, a visionary mortgage technology company focused on transforming the mortgage origination process using real-time, intelligent automation, announced Allied Mortgage Group, Inc. has deployed its Smart Underwrite™ solution.
Smart Underwrite™ is radically changing the mortgage lending landscape. Real-time automation of critical processing and underwriting functions, such as the evaluation of credit, income, and asset information, immediately upon receipt, is enabling the dream of immediate loan approvals. Smart Underwrite™ performs its evaluations, and makes required decisions, using knowledge akin to that of a lender’s most seasoned underwriters, but with a level speed and accuracy only possible with the application of artificial intelligence.
Since its inception, Smart Underwrite™ has helped Gateless clients perform 500,000 underwriting reviews, with over 70% of the required data integrity checks and underwriting conditions cleared by the time files land in underwriter queues. The result: true exception-based processing, with processors and/or underwriters focused on managing the remaining 30%. And, with every passing day, the intelligence gets smarter, meaning more automated completion, less exception-handling, and even greater cost savings.
“Allied is thrilled to have a capability we deem essential for thriving in today’s competitive market. This newfound level of automation will allow us to push the boundaries of innovation beyond workforce efficiency, enabling us to drive a better, faster consumer experience,” said Todd Burton, Allied’s Director of Process Development. He went on to say, “Since signing on with Gateless, as a Smart Underwrite™ early development partner, having kicked the tires on more than 10,000 loans, we’re confident in both product’s capabilities and our expected ROI.”