As we approach the end of 2023, we wanted to reflect on our accomplishments and to see what’s in store for 2024.
MOZAIQ had a very productive 2023, even with the mortgage market slowdown. We had several new client wins, expanded the relationship with existing clients, and made progress in developing strong strategic relationships with our partners. And, we had a great year when it comes to deploying new intelligent automation solutions that bring tangible benefits to our clients.
MOZAIQ’s Checkpoint Audit Platform
We officially launched the Checkpoint Audit platform in Q1 of 2023. Processes that run on the Checkpoint Audit platform facilitate the job of the underwriter, the post-closer, and the loan auditor by enabling higher loan throughput, enhancing loan quality & accuracy, and reducing costs, while improving the borrower experience.
Checkpoint in Support of the Underwriter
For example, the Initial Underwrite audits the file for completeness before sending it to the underwriter, so the most valuable resource a mortgage lender has can be as efficient as possible. With the Appraisal Review, underwriters can automatically assess collateral risk within minutes, while the same underwriter can validate collateral, insurance, and title data and documentation prior to generating the CD (CD Prep).
By deploying solutions that run on the Checkpoint Audit platform, our clients have seen up to a 70% reduction in loan underwriting time, and a 3x increase in loan throughput, something to consider as we enter 2024 with the expectation of lower interest rates and higher loan volumes.
Mortgage Fulfillment Automation
We also continued to enhance our mortgage fulfillment automation offerings, including:
- Enhancing our industry-leading Document Indexing platform
- Expanding the Investor Loan & Service Package Delivery solution
- Fortifying and optmizing:
- Loan Setup
- Loan Review
- Intent to Proceed
- Loan Estimate (LE)
- Lock Confirmation
- MERS Registration
- Email Automation (via LOS integration)
- Redisclosures
- Third Party Order Outs
100% Process Automation Delivery
In response to client requests, MOZAIQ earlier this year invested in providing expert mortgage resources in conjunction with automation offerings. This has enabled MOZAIQ to add human-in-the-loop services to automation offerings in order to deliver end-to-end solutions, since automation typically only gets clients 85% to 90% of the way there. Clients now have a one-stop-shop where the full solution can be seamlessly delivered.
Looking Ahead
So what’s the plan for 2024? We’ll continue to enhance the Initial Underwrite, the Appraisal Review, and the CD Prep functions, adding Asset Review and Credit Review offerings, and we’ll be deploying the Post-Close and Pre-Fund Audits. And, we’re working on integrating Gen-AI into the MOZAIQ platform to further enhance and optimize our automation offerings, and strive towards 100% end-to-end automation and reduce the human-in-the-loop component. Look for some exciting announcements early in the year.
Happy Holidays, and we’ll see you in 2024.
Note: this blog post was written by a real human and does not contain content generated by ChatGPT or any other Generative-AI platform.
