Novaprime Announces Successful Completion of STRATMOR Audit
The audit finds that Novaprime's Loan Intelligence solution has potential to become a market leader and is transformative for mortgage document review processes
MIAMI, FL / ACCESS Newswire Novaprime, a mortgage technology company dedicated to making homeownership more affordable, today announced the successful completion of an audit by STRATMOR Group, a leading mortgage industry advisory firm.
STRATMOR - at the request of a national independent mortgage banker and as part of its mortgage industry vendor insights offering - evaluated Novaprime's Loan Intelligence solution, which aims to transform loan review processes throughout origination and post-closing. STRATMOR found that Novaprime's Loan Intelligence solution represents a groundbreaking advancement in data and document quality control, offering a highly automated, AI-driven approach that addresses inefficiencies, reduces errors and enhances overall loan quality for the mortgage industry.
Novaprime's Loan Intelligence solution serves as a critical function to verify that loans comply with regulatory requirements, investor guidelines and company policies. Comparing loan data to actual documents is critical to identify and mitigate errors or inconsistencies in loan documentation, ensuring they can be corrected and reworked before loans are sold to investors, serviced or retained in a portfolio. It also provides additional accuracy to support further protection against potential financial risks, repurchase demands and reputational harm.
'Novaprime's Loan Intelligence solution presents a scalable, highly efficient solution for quality control in validating mortgage data, with substantial improvements over manual verification processes,' said Garth Graham, Senior Partner at STRATMOR Group.
By leveraging modular architecture, advanced document intelligence and a deterministic approach to an AI-enabled solution, the Loan Intelligence solution addresses key industry pain points, including data-related defects and time-consuming stare-and-compare reviews.
'OurLoan Intelligence solution ensures that everything that needs to be reviewed has been, and if anything requires further attention, it's immediately routed to a human for verification,' said Linus Petrén, Chief Executive Officer of Novaprime.
The STRATMOR audit comes just months after Novaprime's public debut and official launch of its AI-powered Loan Quality Platform which is designed to improve the mortgage process by quickly evaluating loan integrity, reducing processing time from weeks to just days. For more information about Novaprime, visit https://novaprime.com/.
About Novaprime
Novaprime is a mortgage technology company dedicated to making homeownership more affordable. By leveraging emerging technologies like AI and Distributed Ledger Technology, Novaprime drives substantial savings and empowers lenders to offer more competitive mortgage products. As an approved technology provider with Freddie Mac and others, Novaprime is transforming how mortgage institutions and capital markets approach mortgage as an asset class. For more information, please visit https://novaprime.com/.
About STRATMOR Group
STRATMOR Group is a leading mortgage industry advisory firm that provides a range of programs and services for senior industry executives. STRATMOR serves more than 250 companies annually, recommending strategies that increase growth and improve profitability in sales, marketing, technology, operations and mergers and acquisitions. The company leverages comprehensive, proprietary data and key insights gained through extensive experience in the mortgage industry. STRATMOR is well known for its financial models and its collaboration with the Mortgage Bankers Association in the PGR: MBA and STRATMOR Peer Group Roundtables Program. Find out more about STRATMOR on its website at www.stratmorgroup.com.
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