Avanze Tech Labs Unveils Technology to Automate Post-closing Process
March 16, 2021
Avanze Tech Labs launched a new solution to automate the post-closing process and reduce operating costs.
Called STACX, Avanze Tech Labs said the post-closing SaaS solution leverages artificial intelligence (AI), optical character recognition (OCR) and machine learning (ML) to support lenders and servicers, title companies, and correspondent lending channel by creating an automated workflow solution that enables faster cycle time, improved auditing and processing more documents with higher accuracy.
STACX utilizes AI technology to automate the classification and extraction of data from loan documents. The technology leverages an open API framework to integrate with existing document management systems and loan origination software (LOS).
"Post-closing has been an ignored sector in the digital mortgage evolution, and we saw an opportunity to better serve the industry," said Auvese Pasha, president and CEO of Avanze Tech Labs. "With STACX, we are using AI in the most intelligent way to expedite loan processing and increase confidence in quality assurance, making the life of the post-closing user easier and enabling the business to operate with speed and agility."
STACX allows its clients to create custom workflows and automated compliance checklists to streamline communication. This allows subject matter experts to focus on challenging tasks versus items that can now be automated. This post-closing solution aims to reduce costly errors by improving the standard of compliance with lender and investor guidelines and increase operations' bandwidth.
"Our system is constantly learning, so our clients can continue to save time and effort as we improve using their feedback," Pasha said. "STACX has a built-in QC framework for review of the final product providing real-time results, organizing and classifying loan documents in seconds."
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