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Infrrd Launches Infrrd For Mortgage

Navi Persaud
Dec 13, 2021

Infrrd, a provider of Intelligent Document Processing solutions launched its latest solution, Infrrd for Mortgage.

Infrrd for Mortgage automates the lending process for mortgage origination companies and mortgage servicing entities by using Infrrd’s proprietary and patented artificial intelligence (AI)-based IDP technology to extract and manage essential information from mortgage borrowers’ documents, according to the company.

Infrrd says that IDP is a next-generation solution for extracting data from complex, unstructured documents. because it can handle document complexities and variations with the help of multiple AI and machine learning technologies.

The Infrrd for Mortgage platform allows for the extraction and classification of information from a range of mortgage-related application documents and turns it into actionable data. Infrrd for Mortgage has the ability to decipher diverse types of documents and identify many variations of fields and images within them, according to the company.

Mortgage loan applications are amongst the most document-laden processes today, only to be complicated by security and compliance requirements, states Infrrd. The company refers to a McKinsey & Company report, A Future that Works: Automation, Employment and Productivity, which stated it takes an average of 37 days to approve a mortgage application in the U.S., of which about 14 to 21 are spent on the mechanics of application processing.

With IDP, Infrrd believes that this could potentially drop to under six days. The report further states that “the value of the potential benefits of automation, calculated as a percentage of operating costs, is more than 90 percent for mortgage origination.” Since Infrrd’s IDP is built with human-in-the-loop correction capabilities, accuracy gets better every time, bringing lenders closer to low- or no-touch mortgage approvals, according to the company. Infrrd believes that this reduction in turnaround time could improve the loan dropout rate by 30% or more, as people applying for mortgages today often withdraw their applications due to the lengthy process.

“Our launch of Infrrd for Mortgage is unveiling at an extremely critical time in that it has become abundantly clear the mortgage industry is starving for automation,” said explained Amit Jnagal, Infrrd founder and chief executive officer.

“With this new release and our proprietary and patented AI, we expect Infrrd clients to continually realize improved accuracy in the extraction and classification of their data over time. For example, we expect mortgage customers to see a 45% reduction in loan application processing time using Infrrd for Mortgage, which will make a marked difference in improving business operations, enhancing efficiencies and controlling costs,” Jnagal added.

Published
Dec 13, 2021
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