SoftWorks AI has launched an extensive rebrand, including changing its name to True. The company said the new name reflects its ability to give lenders a true picture of a borrower by using AI to inspect and audit every data point when verifying a loan and its underlying documentation.
By providing deeper, more comprehensive, and more accurate insights on borrowers, True allows lenders to gain market share by enabling faster turn times and reducing risk, the company said.
While other vendors need humans in the loop to get data right, True said, its platform accurately analyzes every data point in a loan package automatically. True said its technology can reduce manual reviews by up to 85% and has increased underwriter productivity by up to 300%.
The lending industry has long been focused on automation, with an end-state goal of touchless automation. This can be achieved only with lending intelligence, which uses AI to ensure all data going into the automation process is 100% correct and verify that every extrapolated insight is accurate and provably true. The True brand is focused on using cutting-edge technology to find what is true, a process the company calls Lending Intelligence.
“True uses AI to help lenders address customers’ most important expectations — speed, accuracy and reduced risk,” said Ari Gross, CEO of True. “We are an AI lab focused exclusively on the lending sector and our AI platform is fully trained to address the challenges and nuances of lending. True optimizes every step of the lending cycle, efficiently delivering critical information so our clients can get a full picture of their risk exposure. By providing a fast, thorough, and explainable analysis of every last data point, we reduce errors and improve decisioning, powering trustworthy lending.”
True said it is transforming both the primary and secondary lending markets with technology that reads documents chronologically and holistically, going far beyond generic data classification that misses important details and nuances – and results in costly bad decisions. By ensuring that loan documents tell a consistent and coherent story and that all documents are cross-validated, True said, it enables lenders to get a holistic view of lending risk while delivering greater certainty to customers.
The company currently serves major institutions across the lending industry, including Rocket Mortgage, Carrington, and 50% of the top mortgage insurers. True processes millions of loans and billions of documents through its AI powered lending technology annually.
