radius is Making Mortgages Better Using FinTech Advancements with AI
radius financial group inc. has been featured in an article in the Wall Street Journal! In the article, Co-Founder and COO, Keith Polaski talks about our AI advancements to make processing home loans faster and simpler. If you have an account with Wall Street Journal the article is available to read here.
Some highlights from the article:
“One of the first AI Foundry customers, radius financial group inc. in Norwell, Mass., has been using Agile Mortgages since 2017. Keith Polaski, chief operating officer at radius, said it took about six months to train the AI on three years of mortgage applications, spanning 180 different types of documents. After 20 months of ingesting data, Agile Mortgages has improved its accuracy rate to about 85% from 40% of documents it can recognize and read correctly,” Mr. Polaski said.
“Mr. Polaski said “it is only a matter of time until Agile Mortgages is so reliable it will be able to approve and issue some portion of home loans without human assistance.”
“The volume of paperwork Agile Mortgages can process in one year for radius is equivalent to the labor of 10 loan analysts performing 6,500 hours of work, at a combined cost of $227,500, for classification and indexing. Agile Mortgages has “freed them up by two hours per day to do human brain power things”, Mr. Polaski said.
“AI won’t attain perfection anytime soon. radius doesn’t train Agile Mortgages on about 50 types of mortgage documents that are so uncommon they will always have to be handled manually”, Mr. Polaski said. “They include payout verifications from wills, insurance, lotteries and casinos.”
You can also read the full article in a PDF here.
To learn more about radius FinTech, watch the video below.