Mortgage technology company Novaprime debuted its artificial intelligence-powered loan quality platform, which aims to improve the mortgage process by quickly evaluating loan integrity, reducing processing time.
The company said the platform understands and assesses the context of all loan details. It evaluates the loan purchase eligibility and data quality while also handling document management to help lenders operate effectively and empower people to get more done with less effort.
Loan details needing attention are routed to a professional, which then creates a better borrower experience.
“Our new platform allows lenders to sell loans quickly, with high confidence in its accuracy, mitigating concerns of repurchase risks and improving the overall customer experience,” said Eden Kidane, head of product at Novaprime, in a statement.
With the platform, each mortgage is represented as a smart contract compatible with MISMO standards, allowing mortgages to be easily transferred and managed throughout their entire lifecycle. The company said the platform, powered by Digital Asset’s Canton Network, provides a new level of cross-organizational compatibility.
“We believe that by embracing technology, we can fundamentally change the way loans are processed, making it faster and more cost-effective for lenders, investors and borrowers,” said Linus Petrén, chief executive officer of Novaprime, in the news release.
