Behind the scenes, Genius technology ushers in a new generation of automated quality control and mortgage innovation
EDISON, NJ, September 21, 2022 /PRNewswire/ — Indecomm, a leading provider of loan and mortgage automation services, today announced the launch of its next generation version of its loan quality control technology, AuditGenius. The upgraded version leverages the company’s “Genius” technology stack, a blend of interconnected and proprietary technologies, to help AuditGenius users meet extremely stringent quality control requirements while significantly reducing the need excessive manual reviews and reconsiderations.
AuditGenius already helps lenders efficiently manage unlimited quality control workflows and has approximately 75,000 users with over 200 active loan reviews and audits. Now, with the addition of Indecomm’s Genius technology stack, the next generation of AuditGenius promises an estimated 50% reduction in manual processes and time spent on loan audits at the quality assurance stage before the funding. The solution comes at a time when redemption risk is on the rise and loan quality is under the microscope.
“In today’s mortgage market, lenders want to increase quality control without increasing the number of resources,” said Rachael Harris, SVP, Product Management. “By incorporating this foundational technology into AuditGenius, Indecomm enables meticulous and thorough pre-funding loan audits at scale, proactively capturing flaws in data and documents that could otherwise lead to redemption risk.”
AuditGenius respects investors’ requirements and significantly reduces cumbersome, redundant and manual quality assurance. The technology and automation features used in the next generation of AuditGenius derive from Indecomm’s DecisionGenius automated underwriting solution and include:
Smart document and data
Based on machine learning, Indecomm’s smart document technology extracts over 4,000 data points across 200 unique document types, with the ability to read both structured and unstructured documents. Using this technology, AuditGenius extracts, analyzes and compares LOS source data, third-party data and AUS data, capturing inaccuracies and flagging missing data.
Genius Business Rules Engine
Indecomm’s configurable business rules engine embeds meticulous, step-by-step workflow, processes and tasks. AuditGenius has developed business rules based on extensive pre-fund quality assurance processes, requirements and checklists to meet the requirements of investors, GSEs and internal stakeholders.
Machine learning and automated checklists
By linking business rules to data and documents, AuditGenius populates pre-funding QA self-service checklists covering over 200 QA questions. Additionally, AuditGenius can provide pre-populated data-driven answers to these checklists, cutting review time in half.
Indecomm’s two-way middleware enables seamless interactivity with internal and third-party systems, documents and data. Data delivery and retrieval provides information push and pull between connected sources, enabling real-time, up-to-date access to critical loan case information. The ease of connectivity to any LOS, document management or service system allows lenders to accelerate the adoption and implementation of AuditGenius.
Reports and rebuttals
AuditGenius offers extensive configurability and customization for monthly reports, eliminating the need for laborious reporting on Excel spreadsheets. AuditGenius also manages the rebuttal process and offers a robust repository of loan life data and a full audit trail to track and report on portfolio and loan quality.
The new generation of AuditGenius is currently available for pre-funding audits. However, Indecomm will be rolling out new AuditGenius features for the remaining review types in the system, including but not limited to Delegated Reviews, Post-Close, Maintenance, Compliance and Secondary Due. diligence. Additionally, Indecomm intends to leverage its Genius technology stack to drive innovation across its Genius suite of automation solutions.
“The technology behind Indecomm’s latest AuditGenius has the potential to usher in a new generation of automated quality control and other touch-based mortgage processes,” said Indecomm CEO, Rajan Nair. “The typical QC process is still very manual and extremely redundant, with extensive checklists of over 200 questions. By applying the underlying technology engine of our Indecomm to AuditGenius and automating these heavy manual processes, we can finally stifle the culture of exaggerated quality control review.”
Indecomm customers typically use AuditGenius as their primary SaaS QC engine. However, lenders can also benefit from the accuracy, speed, reporting and audit trails of AuditGenius when used with Indecomm’s QC services. To learn more about the latest AuditGenius pre-funding QA features, register for the next webinar, “Next Generation AuditGenius” which takes place on October 21, 2022at 1:00 PM EST.
Founded over 25 years ago, Indecomm combines intelligent automation with deep mortgage banking expertise to deliver game-changing mortgage innovations that help businesses optimize operations and gain competitive advantage. Supported by a global workforce of 1,500 people, mortgage companies benefit from Indecomm’s Automation-as-a-Service approach, which enables better experiences for borrowers by streamlining middle and back office.
Indecomm takes an automation-first approach, partnering with large and medium-sized lenders, managers, mortgage insurers and title companies to create efficiencies at every phase of the mortgage lifecycle. Specifically, Indecomm’s products and services leverage robotic process automation (RPA), supervised automation and machine learning to address the industry’s most complex operational challenges.