Capsilon has announced the beta launch of Capsilon Digital Underwriter, a comprehensive suite of fully integrated cloud-based digital mortgage applications focused on automating the underwriting process. Capsilon Digital Underwriter is being built in collaboration with Home Point Financial and will help lenders and investors make rapid, informed loan eligibility decisions with perfected data.
“Mortgage underwriting velocity has declined more than 85 percent over the last decade due to increased compliance and regulatory guidelines,” said Steve Viarengo, Senior Vice President of Digital Mortgage Solutions for Capsilon. “We’re delighted to collaborate with Home Point Financial to build a solution that will radically speed up mortgage underwriting and enable lenders and investors to make smarter decisions with accurate data.”
Capsilon Digital Underwriter runs on Capsilon IQ, the digital mortgage platform that uses machine learning and natural language processing (NLP) to capture and perfect mortgage data, ensuring underwriting rules are only applied to complete, validated information. The source of truth for each data point and its associated evidence are connected with the loan record, maintaining a digital chain of evidence for each decision.
“We’re excited to partner with Capsilon to make the underwriting process faster and easier,” said Phil Shoemaker, Chief Business Officer of Home Point Financial. “Capsilon Digital Underwriter will significantly improve our underwriting productivity and in some cases, we believe loans can be underwritten without any human intervention. This will enable us to significantly speed up the loan origination process while focusing our talented ops team on providing best-in-class customer service to our business partners, helping them originate more loans.”
Bill Shuler, Chief Information Officer of Home Point Financial, said, “Capsilon is uniquely positioned to solve the underwriting problem with advanced technologies. You can’t automate underwriting without trusted data. Capsilon elegantly combines the ability to capture and perfect mortgage data with robust automation capabilities. Capsilon has been a great partner to Home Point and we’re excited to collaborate with them on this strategic initiative to digitize the underwriting process.”