Factual Data®, a leading provider of credit and verification services to the lending industry, today announced a new integration of its credit reporting services with Smart Underwrite, the flagship product from Gateless®, a visionary mortgage lending technology company.
“With advances in automation, the time-consuming task of manual mortgage credit data review may soon be a thing of the past,” said Factual Data Senior Vice President, Reno D’Water.
Gateless Smart Underwrite enables real-time automation of critical mortgage underwriting processes and decisions, including credit evaluation. The integration with Factual Data will allow credit data ordered from a lender’s platform to be seamlessly incorporated into the Smart Underwrite application via API.
Within Smart Underwrite, credit data and other loan information, including income and asset data and documents, are evaluated using thousands of rules and AI to dynamically create and clear conditions and tasks instantly. Under this automated underwriting framework, exception-based processing becomes the norm, allowing operational resources to be used more effectively, while also reducing the risk of human error and driving an expedited borrower experience.
“Through intelligent automation, Smart Underwrite is revolutionizing mortgage lending,” said Katie King, Chief Risk Officer, and Head of Partner Strategy. “It represents a paradigm shift in the loan manufacturing process, encompassing not only credit data but also critical loan data decision inputs.”