Industry Briefs, Oct. 25, 2024
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PhoenixTeam Launches Phoenix Burst
PhoenixTeam, Arlington, Va., announced the launch of Phoenix Burst, a generative AI platform to accelerate the product and change management lifecycle.
The new product transforms knowledge into ready-to-build software and change management artifacts. Phoenix Burst accelerates the entire change delivery process by automating the creation of requirements, user stories, acceptance criteria, test cases, synthetic test data and domain comparisons. It allows the integration of AI-driven automation to transform product management, ensure compliance and speed up change delivery.
Phoenix Burst has guardrails including human-in-the-loop content curation and retrieval-augmented generation.
Snapdocs Expands Offerings, Unveils New Brand Identity
Snapdocs, San Francisco, announced that it plans to automate all critical interactions between lending and settlement teams in mortgage closings, and will introduce new AI-powered capabilities within its platform.
The new capabilities include CD balancing, funding quality control, post-close quality control and trailing document management. Funding quality control is available now and the others will be on the platform in early 2025.
Additionally, Snapdocs launched a new brand identity, reflecting its mission to automate the home mortgage experience.
Total Expert Launches Engage SMS
Total Expert, Minneapolis, launched Engage SMS, a text messaging tool that enables lenders to create compliant, two-way conversations with their customers.
The tool gives lenders an easy way to communicate with customers via mobile device, laptop or desktop. It also allows them to integrate SMS messaging into the automated customer Journeys of Total Expert platform.
Lenders will be able to segment contacts and automate initial outreach through personalized bulk messages and then step into one-on-one conversations.
It is designed for financial institutions with safeguards to resolve compliance concerns.
Polly Grows Polly/ AI
Polly, San Francisco, announced the continued expansion of Polly/ AI.
Polly/ AI now has near-miss eligibility, near-miss pricing and suggestion actions.
Loan officers can free-form text or converse via voice directly with Polly/ AI from any device.
The company continues to deepen its investment in AI and machine learning, Polly said.
Informative Research Makes Verification Platform Solution Available in Dark Matter Network
Informative Research, Garden Grove, Calif., announced it has made its Verification Platform solution available in the Dark Matter Technologies Exchange service network to streamline verification of income and verification of employment for more lenders.
When paired with Dark Matter’s Empower loan origination system and the Exchange service network, information can flow from the loan into Informative Research’s system of record. Empower’s integrations with automated underwriting systems can also ensure that any representation and warranty relief obtained by using Informative Research can automatically be pulled into the loan, among other benefits.
The integration also makes Informative Research’s platform available to other LOS products such as Blue Sage and other systems such as ICE’s MSP Loss Mitigation solution.
Sourcepoint to Build Domain-Centric Large Language Model
Sourcepoint, Palm Bay, Fla., a Firstsource company, has announced its investment in building a domain-centric large language model for the mortgage business.
It will be under its Firstource relAI suite and the investment leverages the company’s deep domain expertise to design sector-specific AI-driven services and platform offerings.
It can significantly reduce the cycle time for pre-qualification and formal loan applications, creating a seamless digital end-to-end journey for loan application and fulfillment. It will have capabilities such as classification, extraction, recommendation and summarization, among other features.
