Alpha Modus Awarded New Contract to Expand MIAC's Offerings
Applying better technology to make loan quality assurance and whole loan purchases simpler, faster and less expensive
CHARLOTTE, N.C. & NEW YORK, June 18, 2018 (Newswire.com) - Alpha Modus will be working with Mortgage Industry Advisory Corporation (MIAC) to reduce loan procurement costs. MIAC is a leading provider of pricing, risk management and accounting solutions for the mortgage and financial services industries. This new relationship signifies the beginning efforts towards creating a complete Artificial Intelligence Image Character Recognition solution for financial institutions. This solution will bring next-generation intelligent indexing and data extraction to the marketplace.
William Alessi, CEO at Alpha Modus, said, "The average cost to procure a loan has increased 96 percent since 2009 as a result of added regulation and complexity in the mortgage industry. It's time for the mortgage industry to get creative and operate leaner. We are looking forward to working with MIAC to reduce procurement costs and bring value to their clients and ultimately the borrowers."
MIAC will offer the Alpha Modus-developed applications via its VeriFi™ platform. VeriFi™ 3.0 has an automated data quality process which streamlines data entry validation. The platform has robust loan exception management with embedded residential compliance. Exceptions contain automated loan-specific commentary, which increases the overall efficiency and standardizes reporting. All exceptions, along with all associated data entries, are available in a central portal, allowing easy access for mitigation based on trailing documents.
The average cost to procure a loan has increased 96 percent since 2009 as a result of added regulation and complexity in the mortgage industry. It's time for the mortgage industry to get creative and operate leaner.
"We spent over half a year looking at AI ICR solutions and there was no question at the end of that search that Alpha Modus had the capabilities to deliver a next-generation offering. We are beyond excited to add this capability to our offering later this year," said Andrew DeGood, senior vice president of due diligence at MIAC.
About Alpha Modus - Alpha Modus is a technology provider bringing infrastructure and software as a service to better serve the financial community. Alpha Modus leverages human expertise and machine intelligence to extract insights from unstructured data. In 2016, Alpha Modus was presented with a Beacon Award by IBM for Best New Application on IBM Cloud from an Entrepreneur.
Alpha Modus Corp
About MIAC - Since 1989, Mortgage Industry Advisory Corporation (MIAC) has been the preferred destination for the sophisticated mortgage industry and capital markets participants. MIAC provides transaction execution services, secondary market hedge advisory solutions, third-party mortgage asset valuations, as well as state-of-the-art valuation and risk models incorporating a full range of consumer behavioral risk factors.
Learn more at www.miacanalytics.com.
Mortgage Industry Advisory Corporation (MIAC)
Senior Vice President, Due Diligence
212-233-1250 ext. 262
Source: Alpha Modus Corp