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Indecomm Global Services released DecisionGenius, a mortgage automation solution that assesses income, credit, assets and collateral of a borrower. According to the company, this technology was developed to help provide comprehensive decision-making for mortgage loan applications.
DecisionGenius is the latest release in Indecomm’s mortgage automation product suite, which includes two predecessors: AuditGenius, a quality control and risk management software, and IncomeGenius, an automated income calculation software. These platforms provide the foundation and intelligence for the holistic DecisionGenius automation approach for the mortgage middle office. Users will see all the information needed to make an underwriting decision in one place, comparing application data to sourced data to investor guidelines, according to a press release.
For example, a loan application file is submitted to DecisionGenius as it is submitted to processing. As a result, the processor has a clear idea of which items will meet underwriting guidelines and where the focus remains. Underwriting then has a clear roadmap into what will be needed to close the loan quickly and efficiently while providing a consistent risk-reducing approach.
According to the company the automation provides an average reduction of over 60% of the time spent by underwriters in reviewing conditions, validating data and documents provided by borrowers, and/or third parties backed up by digitized data and system-driven validations. It also provides an average reduction of over 50% of time spent by processors preparing the file for underwriting in verifying and validating information from 1003 against documents provided by the borrower and information sourced from third parties, as well as an average reduction of 50% of the number of times an underwriter touches a file.
"The development of DecisionGenius represents the natural progression of Indecomm’s mortgage automation maturity," said Rajan Nair, CEO of Indecomm Global Services. "We combine income calculation and risk management information with data from the loan origination system and underwriting guidelines into the larger automated decision management framework. It is then triangulated to make the data easier to consume for decision-making. It is intelligent automation that is closer to human intelligence, improving our client’s middle-office processes and ultimately enhancing the borrower’s mortgage banking experience."
Click here to learn more about DecisionGenius.