Alpha Modus will be working with Mortgage Industry Advisory Corp. 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.
“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,” said William Alessi, CEO at Alpha Modus. “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, which 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.