Industry Briefs July 26, 2022

DataVerify Launches AI Enhanced Lending Solution DataVerify Assist

DataVerify, St. Louis, a provider of data verification, risk mitigation and workflow automation services, announced its AI lending automation solution, DataVerify Assist.

The firm said DataVerify Assist will help lenders with the assembly of loan documentation and the automation of classification, extraction and versioning.

The DataVerify Assist technology, powered by TRUE, is designed to be a touchless automation solution that can help lenders reduce their turnaround times by accelerating the document identification and data extraction process. DataVerify Assist uses computer vision and machine learning technology to analyze and organize data, and deliver verified results in minutes reducing the processing time.

“Lenders are facing a growing list of concerns as they go about digital transformation. They’re looking for solutions that will significantly improve their workflow, reduce the need for human intervention, and continue to protect their portfolio,” said Brad Bogel, president of DataVerify.

The addition of DataVerify’s new AI solution is expected to significantly advance many of the automation tools that lenders are already using in their loan manufacturing process. DataVerify Assist boasts powerful data extraction accuracy and patent-pending cross-validation technology to assist the lender by reducing potential compliance issues and allowing for automated reconciliation of structured data to source documents.

“It’s no longer enough to rely on automation in only certain parts of the workflow. Lenders need solutions that help them in various ways throughout the entire life cycle of a loan. We believe that DataVerify Assist is going to offer lenders automation on a scale that they have not been able to access previously and we are very proud to bring this solution to the marketplace,” Bogel said.

Sales Boomerang Launches Life Event Alerts

Sales Boomerang, Owings Mill, Md., launched its newest automated alert offering, Life Event Alerts, which notify mortgage advisors when a borrower or a prospect in their customer database experiences a major life change that could alter their financial situation and/or goals.

Life Event Alerts mine public records for common life events affecting individuals and households, such as marriage, divorce, childbirth, high school graduation or a death in the family. Like other Sales Boomerang alerts, Live Event Alerts integrate with customer relationship management platforms, so lenders can reach out to congratulate or console a consumer about their recent life change and offer personalized advice for achieving their next homeownership goal.

Realfinity Raises Pre-Seed Funds in Prelude to Upcoming Funding Round

Realfinity, Miami, raised pre-seed funds through convertible note funding. The company secured funding of $2 million to continue development and growth of its HomeDashboard product for the real estate finance technology market.

HomeDashboard connects its consumer base of more than 120,000 homeowners with financial data and services, cobranded with real estate professionals and loan officers. Realfinity’s proprietary technology creates a combined benefit for lenders, real estate brokerages, and consumers in a B2B2C (business to business to consumer) model.