AIQ within Encompass is an omnichannel solution that leverages artificial intelligence (AI) to enable lenders, investors and servicers to automate manual workflows, increase productivity, reduce risk and boost return on investment (ROI). AIQ Desktop is one of a suite of applications that allow users to access and work with loan folders from any location. AIQ Desktop was specifically designed for the user who must work with loan folders and documents on a daily basis and needs the features a locally installed application can offer.
AIQ enables automation of document recognition and indexing. This suite of solutions automates traditionally manual activities associated with the loan review process. Automation quality data allows lenders to establish a true exception-based workflow process to improve overall capacity and drive industry innovation.
Benefits of using AIQ:
- AIQ reduces cycle times and proportionally increases productivity by offering the following benefits:
- Eradicates costly paper storage and other paper-based workflow processes; enables real-time document exchange with authorized participants.
- Reduces 90% of manual labor via automated document recognition.
- Enables multi-party collaboration across business units.
- Eliminates regulatory and audit risk.
- Offers secure eSign services and powers digital workflows across your organization.
- Provides an opportunity to exchange documents with all transaction participants.
- Enhances data integrity with complete, accurate data.
How it works:
- Capture: Simplifies the collection of loan information and evidence from every source.
- Perfect: Enables a clean, accurate source of truth to be used in all business applications.
- Automate: Eliminates manual work, automates key business processes. Allows data sharing so that the loan members are only needed when exceptions are flagged.
AIQ Income Analyzer:
The AIQ Income Analyzer converts and cleans unstructured data to automatically calculate income, enable what-if scenarios, and generate an Income Worksheet, with digital traceability to all pieces of source documents.
Benefits of AIQ Income Analyzer includes:
- Automate income analysis so underwriters can focus on exceptions and complex scenarios.
- Consistently apply calculations to loans at scale rather than incurring human error.
- Evaluate guideline and underwriting rules against loan data and docs in seconds.
- Display trends in income, visualizes gaps in employment and other key parameters.
- Reduce cycle times with automated income validation and calculations using pay stubs, W-2s, 1040s, and other documents.
AIQ Credit Analyzer:
The AIQ Credit Analyzer automatically interrogates and cross references documents against trusted LOS data, enables what-if scenarios, and creates an electronic record, with digital traceability applied to all pieces of source documents.
Benefits of AIQ Credit Analyzer includes:
- Automate credit analysis, so underwriters can focus on exceptions and complex scenarios.
- Consistently apply rules and data interrogations to loans at scale rather than incurring human error.
- Evaluate guidelines and underwriting rules against loan data and docs in seconds.
- Display the rules being evaluated; visualize the rules that pass or fail and other key matters.
Looking for more information on AIQ within Encompass or need help with implementing AIQ within Encompass, leave us a message.