AIVA Skills
AIVA’S ABILITY TO IMPROVE AND ADVANCE HER SKILLS IS ENABLED BY MACHINE LEARNING
Like a human, AIVA learns from her prior experience, combined with information she gathers from internal and external sources. She continuously improves by identifying patterns from large volumes of documents and receiving feedback to reinforce or realign her conclusions.
AIVA IS READY TODAY TO TACKLE SOME OF THE MOST TIME-CONSUMING MANUAL ORIGINATION TASKS
Current skills include:
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Ordering Tax TranscriptsCollects transcripts from the IRS and sends them securely to FNMA for Day 1 Certainty®. |
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Ordering AssetsSends borrowers a lender-branded invitation to securely access asset statements and maintains a detailed record of borrower status and asset position. |
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Pre-Approving BorrowersAnalyzes documents and interacts real-time with borrowers to ensure ready state of loan applications and generate purchase agreements. |
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Compile a LoanOrganize borrower documents into a complete, indexed file. |
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Fulfilling Loan ApplicationsOrganizes borrowers’ documents into an indexed file. |
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Verifying InsuranceReviews and tracks hazard and flood insurance policies. Today she knows 14 insurance document types and corresponding data points from 1,800+ carriers. |
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Reviewing Bank StatementsReads, deduplicates and summarizes conclusions on bank statements. |
EXPANDING HER SKILLS TO ADDRESS LENDER NEEDS
AIVA is currently training on the following skills:
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Verify IncomeReview W2s, pay stubs and tax transcripts against custom lender and agency rules. |
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Calculate AssetsCalculate borrower assets by intaking data from 401(k)s, stocks, certificates of deposits, mutual funds and bonds. |
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Verify State & Federal ComplianceReview Loan Estimate and Closing Disclosure, State Municipal Tests and Federal Tests via centralized and configurable rules engine. |
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Verify AssetsOrganize and de-duplicate statements into a summary of borrower assets. Flag incomplete or non-standard patterns that might need more explanation. |
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Calculate IncomeProvide income calculation leveraging GSE-suggested tools (1084, Freddie Form 91). |
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Price LoansEvaluate risk and collateral to determine optimal pricing. |
BEYOND 2019, AIVA’S EXPERTISE WILL CONTINUE TO BROADEN
AIVA’s creators are developing new skills to address more complex origination tasks that will add up to more efficiencies for your operations:
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Review Closed LoansReview loan files for data consistency, presence of signatures; complete and correct documents and accurately calculated ratios. |
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Prioritize WorkPrioritize activities to complete application based on closing date and expiration of pending stages. |
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Calculate LiabilitiesReview Bank Statements and Credit Reports to identify liabilities. Recognize number of pages remaining for a liability. |
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Verify ATR/QMAssess whether loan data complies with Ability to Repay/Qualified Mortgage requirements. |
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Predict DefaultCalculate the probability of a borrower’s inability to pay. |
CONTACT US
Address:
Black Knight Innovation Lab
1108 Chestnut Street, Suite 200
Philadelphia, Pennsylvania 19107
Email:
AskBlackKnight@bkfs.com