Success Story
Angel Oak increased their productivity by 4X using Prudent AI
From Hours to Minutes: Explore Angel Oak's Leap in Loan Processing with Al. A breakthrough that redefines the industry!
About Angel Oak
Angel Oak Mortgage Solutions is known for its innovative underwriting approach, which considers a broader range of borrower qualifications beyond standard credit scores and income verification. This approach allows them to serve self-employed individuals, those with non-traditional income sources, and borrowers with less-than-perfect credit histories.
Industry
Non QM Loans
Company Size
300+ Employees
Location
Kendall, Florida
Before Prudent AI
All processes were outsourced to a BPO, and were prone to error
Took several hours to process bank statement data
Fraudulent applications slipped the processing and reached underwriting
After Prudent AI
Processing of bank statements were automated with 100% precision
Processing time reduced to 15 minutes
Fraudulent applications were identified even before reaching the underwriting teams.
A lasting impact
The implementation of Prudent Al had a transformative impact on Angel Oak Mortgage Solutions' operations. Within a few months of implementation, Angel Oak's underwriting team process were able to process twice the volume of loan applications using Prudent Al. This significant growth enabled Angel Oak to close more loans and expand their business in the highly competitive non- QM lending market.Additionally, the time taken to process a set of bank statements was reducedb from several hours to just 15 minutes.
The efficiency gains achieved through our technology allowed Angel Oak to prequalify loan applications and respond to their clients faster, enhancing the borrower's experience and contributing to their reputation as an innovative mortgage lender.Lastly, our built-in checks to look for rounding off errors, large deposits, and other discrepancies has helped Angel Oak identify and prevent several fraudulent bank statements from going into underwriting. This saved a lot of time for the underwriters.Through our partnership with Angel Oak Mortgage Solutions, we have demonstrated the transformative potential of Al-powered solutions in the mortgage lending industry.
By embracing innovation and leveraging our cutting-edge technology, Angel Oak has been able to achieve remarkableresults, including a significant increase in loan volumes, reduced processing times, substantial cost savings, and hence, an exceptional borrowerexperience.At Prudent Al, we are proud to have played a role in Angel Oak's success, and we remain committed to providing innovative solutions that drive growth and efficiency in the mortgage lending industry. Our work with Angel Oak is just one example of how our technology can revolutionize the underwriting process, and we look forward to helping even more companies achieve similar success in the future.
I chose Prudent AI over other vendors due to its unique capability to tailor 'Income calculation' as per our guidelines. The intuitive UI/UX design is another high point, letting our sales and underwriting teams access information in no time. Notably, Prudent AI has allowed us to make significant cost savings per loan by cutting down on man-hours, thereby streamlining our expenses.
Alysse Prosnick
SVP Operations
