Wemlo, a U.S.-based fintech that’s focused on mortgage loan processing, announced on Friday the launch of its new AI technology called Athena. According to Wemlo, Athena is a virtual assistant AI developed to empower and improve loan processing by identifying discrepancies within a mortgage loan application, which includes document verification based on loan type to mitigate conditions.
While sharing details about the AI, David Rogove, Wemlo Co-Founder, stated:
“By helping to identify potential issues within the 1003 mortgage application before it is sent to lender underwriting, Athena increases efficiency for the mortgage loan originator and processor, creating a systemic approach to make sure the 1003 is full and complete and a good file is created,” said . “And the cleaner the file, the less chance of lender delays.”
Wemlo Co-Founder, Steven Gelley, also commented:
“As Athena evolves with additional automated activities she will help make mortgage loan originators who use the wemlo platform more effective, and increase speed for clear to close, which in turn, may assist them in growing their business.”
Founded in 2018, Wemlo describes itself the “first VIP experience” for mortgage loan originator and their borrowers.
“Our platform offers unparalleled speed, security, and efficiency, allowing members to increase productivity, manage bigger pipelines and grow their business to levels that were never before possible.”