Indecomm Global Services recently released DecisionGenius, a mortgage automation solution that assists with the underwriting process. The software assesses income, credit, assets, and collateral of a borrower to deliver comprehensive decision-making for mortgage loan applications.
“The development of DecisionGenius represents the natural progression of Indecomm’s mortgage automation maturity,” Rajan Nair, Indecomm CEO, said in a release. “We combine income calculation and risk management information with data from the loan origination system and underwriting guidelines into the larger automated decision management framework. It is then triangulated to make the data easier to consume for decision-making. It is intelligent automation that is closer to human intelligence, improving our client’s middle-office processes and ultimately enhancing the borrower’s mortgage banking experience.”
DecisionGenius joins Indecomm’s other software, AuditGenius, a quality control and risk management software, and IncomeGenius, an automated income calculation software. AuditGenius and IncomeGenius are already used by mortgage bankers processing over one million mortgage transactions, providing the foundation and intelligence for DecisionGenius.
According to Indecomm, underwriters using DecisionGenius will see an average reduction of over 60 percent of the time spent in reviewing conditions, validating data and documents provided by borrowers, and/or third parties backed up by digitized data and system-driven validations; an average reduction of over 50 percent of time spent preparing the file for underwriting in verifying and validating information from 1003 applications against documents provided by the borrower and information sourced from third parties; and an average reduction of 50 percent of the number of times an underwriter touches a file.
“For example, a loan application file is submitted to DecisionGenius as it is submitted to processing,” Indecomm said. “As a result, the processor has a clear idea of which items will meet underwriting guidelines and where the focus remains. Underwriting then has a clear roadmap into what will be needed to close the loan quickly and efficiently while providing a consistent risk reducing approach.”