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Wemlo, a fintech company specializing in third-party mortgage loan processing services launched ATHENA, a virtual assistant that uses artificial intelligence to identify discrepancies within mortgage loan applications.
"By helping to identify potential issues within the 1003 mortgage application before it is sent to lender underwriting, Athena increases efficiency for the mortgage loan originator and processor, creating a systemic approach to make sure the 1003 is full and complete and a good file is created," said David Rogove, a Wemlo co-founder, according to a press release. "And the cleaner the file, the less chance of lender delays."
With Athena, users are also able to request a title and automatically generate fees.
"As Athena evolves with additional automated activities she will help make mortgage loan originators who use the Wemlo platform more effective, and increase speed for clear to close, which in turn, may assist them in growing their business," added Wemlo co-founder Steven Gelley.
The company says its goal is to provide loan originators with a transparent processing solution bolstered by a strong technology foundation, according to the release.