ORLANDO, Fla., March 9, 2021 (Newswire.com) - Avanze Tech Labs today announced its partnership with SoftWorks AI to bring to market STACX, a SaaS post-closing solution, automating processing and compliance checklists for lenders, servicers and title companies. With support from SoftWorks AI, Avanze's recent launch of STACX eliminates the need for labor-intensive, manual reviews, creating a seamless digital experience for its clients' operations; the AI and ML technology reduces loan processing time and improves the loan fulfillment process.
"There's lots of room for innovation and improvement throughout the mortgage process," according to Avanze CEO Auvese Pasha. "We're aiding the path to digital mortgage by helping solve issues related to post-closing - leveraging AI in a way that drastically reduces processing times while maintaining the high degree of accuracy that is so crucial in this industry."
Advanced AI and machine learning algorithms reduce both human error and labor costs; STACX can automate document classification and can recognize and organize over 540 different mortgage document types. Highly accurate optical character recognition (OCR) software coupled with cross-validation technology extracts 6,000+ data fields from loan documents, reducing processing times & resulting in faster loan decisions. Avanze's partnership with Softworks AI brings to the industry an intuitive platform that is highly customizable, using rules and preferences that can be defined by an administrator in your organization, without requiring high customization and upfront implementation fees. "Our aim to be nimble for our clients fuels our companies to make better products," added Pasha.
"We're excited to be working with Avanze to jointly bring our touchless mortgage automation solutions to the market," said Ari Gross, CEO of SoftWorks AI. "Manual document processing has been time-consuming and error-prone; through our partnership, processes that once took hours can now be done with a higher degree of accuracy in just minutes. Avanze's deep understanding of the mortgage industry coupled with our bleeding-edge technologies will provide our clients a world-class digital mortgage experience."
Developed by Avanze Tech Labs, STACX leverages AI and machine learning to reduce costs and processing times by optimizing and modernizing the post-closing process. To learn more about STACX and to book a personalized demo, visit stacx.ai.
Avanze offers "comprehensive" and "customized component" solutions for the mortgage industry with analytics and compliance, supported by domestic, offshore and hybrid delivery models - primarily focused on providing intelligent digital products and services for origination, title & settlement, post-closing, valuation, and servicing business. Founded by entrepreneuring leaders with rich experience in business management, the firm is built on thought leadership and innovation. We believe in a collaborative approach to provide transformational solutions firmly grounded on creativity, technology implementation, and strategic partnership. Avanze complies with industry best information security practices and is SOC 2 Type II, ISO 27001 & ISO 9001 certified organization. For more information, please visit: www.avanzegroup.com.
About SoftWorks AI
Born from the Machine Perception & Computer Vision Lab at the City University of New York, SoftWorks AI is a provider of intelligent mortgage automation solutions. We strive to leverage our deep expertise in computer perception, advanced document understanding, and AI technologies to transform raw data into intelligent, actionable information. Our proprietary technology, Trapeze, can automate knowledge workers' tedious, time-consuming tasks freeing them for higher value endeavors & speeding up processing time from hours to just minutes. Trapeze can also perform complex knowledge work with the data it extracts to accelerate and, in some cases, replace the human analysis required to decide a loan. Our ultimate goal is to technologically enable real-time home lending. Visit us at www.softworksai.com.
Source: Avanze Tech Labs