Infrrd launches MortgageCheckai, transforming mortgage auditing with AI

Infrrd, a leading provider of AI-driven document processing solutions, has launched MortgageCheckai, a revolutionary platform designed to expedite pre-fund and post-close loan audits for mortgage lenders and servicers. This cutting-edge tool promises to transform the mortgage auditing landscape by delivering unparalleled data accuracy and efficiency. With MortgageCheckai, loan closers and quality control (QC) reviewers can now achieve substantial time savings, reducing the manual review of loan documents by at least 50% without compromising the integrity of the audit process.

Amit Jnagal, CEO of Infrrd, stated that the company’s mission with MortgageCheckai is to modernise the mortgage auditing field and prepare auditors for the future with advanced AI technology. Jnagal highlighted the challenges faced by mortgage lenders and servicers in conducting thorough and efficient audits. He noted that MortgageCheckai addresses these challenges by enabling auditors to streamline their processes, mitigate risky loan decisions, and ensure effortless compliance.

The development of MortgageCheckai is a result of a strategic partnership between Infrrd and Asurity, a leading provider of compliance-focused services. This collaboration has allowed Infrrd to leverage its technical capabilities while harnessing Asurity’s extensive expertise in the mortgage industry. Together, they have created a platform that automates complex mortgage closings and quality control processes, accommodating a wide range of document types and loan structures. Asurity’s contribution has been instrumental in making MortgageCheckai a valuable tool for loan closers and QC auditors, effectively acting as an advanced cognitive assistant.

Luke Wimer, COO at Asurity, expressed enthusiasm about the partnership, stating that the integration of MortgageCheckai accelerates mortgage loan closing processes and reduces error-prone manual tasks. He praised Infrrd for setting a new standard in efficiency and productivity, enabling customers to focus on critical aspects of their work.

MortgageCheckai employs patented AI algorithms to enhance the indexing, categorising, and analysis of loan documents. By automating repetitive manual tasks, the platform allows auditors to concentrate on more impactful activities, leading to faster audit completions and improved operational efficiency. Jnagal anticipates that by 2030, AI will revolutionise the financial services industry, particularly in loan auditing, positioning MortgageCheckai as a pioneer in this transformation.

The platform supports over 600 mortgage document types and features several key functionalities. It includes auto-stacking of loan documents to organise them according to lender specifications, advanced document versioning to ensure the latest versions are used, and reporting of over 60 common document issues such as missing documents and data mismatches. Additionally, MortgageCheckai features a built-in CD balancer for reconciling closing details, intelligent data validation to compare and flag data mismatches, and comprehensive change-tracking and audit trails.