~Behind the scenes Genius technology ushers in a new generation of automation-enabled quality control and mortgage innovation~
Edison, NJ. September 6, 2022- Indecomm, a leading provider of lending automation and mortgage services, today announced it has launched its next-generation version of its loan quality control technology, AuditGenius. The upgraded version leverages the company’s “Genius” tech stack, an interconnected and proprietary blend of technology, to help AuditGenius users to meet exceedingly stringent QC requirements while significantly reducing the need for excessive manual reviews and re-reviews.
AuditGenius already helps lenders efficiently manage unlimited QC workflows and boasts an estimated 75,000 users with over 200 active loan reviews and audits. Today, with the addition of Indecomm’s Genius tech stack, the next-generation AuditGenius promises an estimated 50% reduction in manual processes and time spent on loan audits in the pre-fund QA stage. The solution comes at a time when repurchase risk is on the rise and loan quality is under a microscope.
“In the current mortgage market, lenders want to increase quality control without increasing the number of resources,” said SVP, Product Management Rachael Harris. “By incorporating this foundational technology into AuditGenius, Indecomm enables meticulous, in-depth pre-fund loan audits at scale, proactively capturing defects in the data and documents that may otherwise result in repurchase risk.”
AuditGenius adheres to investor requirements and drastically reduces heavy-touch, redundant, and manual QA. The technology and automation features used in the next generation of AuditGenius derive from Indecomm’s DecisionGenius automated underwriting solution and include:
Intelligent Document and Data
Driven by machine learning, Indecomm’s Intelligent 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 incorporates meticulous, step-by-step workflow, processes, and tasks. AuditGenius developed business rules based on extensive pre-fund QA processes, requirements, and checklists to meet the requirements of investors, GSEs, and internal stakeholders.
Machine Learning and Automated Checklists
Mapping business rules to data and documents, AuditGenius populates pre-fund QA self-service checklists covering 200+ QC questions. Additionally, AuditGenius can deliver data-driven, pre-filled answers to those checklists, cutting review time in half.
Indecomm’s bi-directional middleware enables seamless interactivity with in-house and third-party systems, documents, and data. Data delivery and retrieval offers a push and pull of information between connected sources, enabling real-time and refreshed access to critical loan file information. The ease of connectivity to any LOS, document management, or servicing system allows lenders to accelerate AuditGenius adoption and implementation.
Reporting and Rebuttals
AuditGenius provides extensive configurability and customization for monthly reporting, removing the need for laborious excel spreadsheet reporting. AuditGenius also handles the rebuttal process and offers a robust repository of life of loan data and a complete audit trail to track and report on portfolio and loan quality.
Next-generation AuditGenius is currently available for pre-fund audits, However, Indecomm will roll out new AuditGenius features to the remaining review types in the system, including but not limited to delegated reviews, post-close, servicing, compliance, and secondary due diligence. Moreover, Indecomm intends to leverage its Genius tech stack to bolster innovation across its entire Genius suite of automation solutions.
“The technology driving Indecomm’s latest AuditGenius has the potential to usher in a new generation of automation-enabled quality control and other touch-heavy mortgage processes,” said Indecomm CEO, Rajan Nair. “The typical QC process is still highly manual and extremely redundant, with extensive checklists of 200+ questions. By applying our Indecomm’s underlying tech engine to AuditGenius, and automating those hand-heavy processes, we may finally snuff out the culture of quality control review overkill.”
Indecomm clients typically use AuditGenius as their primary SaaS QC engine. However, lenders may also benefit from AuditGenius’ accuracy, speed, reporting, and audit trails when used with Indecomm’s QC services. To learn more about AuditGenius’ latest pre-fund QA features, register for the upcoming webinar, “Next Generation AuditGenius” which is taking place on October 12, 2022, at 1:00 pm EST.
Founded more than 25 years ago, Indecomm blends intelligent automation with deep mortgage banking expertise to deliver groundbreaking mortgage innovations that help businesses optimize operations and achieve competitive advantage. Backed by a 1500-strong global workforce, Indecomm’s automation-as-a-service approach benefits mortgage organizations, enabling them to offer better borrower experiences by streamlining middle and back-office operations.
Indecomm takes an automation-first approach, partnering with large and mid-sized lenders, servicers, mortgage insurers, and title companies to create efficiencies at every phase of the mortgage lifecycle. Specifically, Indecomm products and services leverage robotics process automation (RPA), supervised automation, and machine learning to tackle the industry’s most complex operational challenges.