Mortgage technology company makes public debut with new AI-powered platform, aiming to make homeownership more affordable
Novaprime, a mortgage technology company dedicated to making homeownership more affordable, makes its public debut with the launch of its AI-powered Loan Quality Platform. The platform is designed to improve the mortgage process by quickly evaluating loan integrity, reducing processing time from weeks to just days.
“Seamless integration of AI and Distributed Ledger Technology and our overall commitment to better loan quality will redefine industry standards.”
The platform intelligently understands and assesses the context of all loan details. It evaluates the loan purchase eligibility and data quality while also handling document management to help lenders operate effectively and empower people to get more done with less effort. Loan details needing attention are routed to a professional, which then creates a better borrower experience.
Financial Technology Insights: NayaOne to Accelerate Enterprise Adoption of Generative AI in Financial Services using NVIDIA AI
“We believe that by embracing technology, we can fundamentally change the way loans are processed, making it faster and more cost-effective for lenders, investors and borrowers,” said Linus Petrén, Chief Executive Officer of Novaprime. “Seamless integration of AI and Distributed Ledger Technology and our overall commitment to better loan quality will redefine industry standards.”
With Novaprime, each mortgage is represented as a smart contract compatible with MISMO standards, allowing mortgages to be easily transferred and managed throughout their entire lifecycle. Novaprime’s loan data platform, powered by Digital Asset’s Canton Network, provides a new level of cross-organizational compatibility.
Financial Technology Insights: Top 10 Key Take Aways from Sibos 2024
By streamlining how mortgages are originated, reviewed and purchased, Novaprime serves both lenders and investors. Lenders benefit from lower downstream risks and reduced reliance on manual work—resulting in savings and increased productivity. For investors, Novaprime ensures that loans are processed with high accuracy and efficiency, enabling faster post-purchase handling.
“Our new platform allows lenders to sell loans quickly, with high confidence in its accuracy, mitigating concerns of repurchase risks and improving the overall customer experience,” said Eden Kidane, Head of Product at Novaprime.
Novaprime’s marketplace product is already integrated with key entities such as Freddie Mac and others, providing comprehensive support for pricing, commitments and loan assessment to its mutual clients.
Financial Technology Insights: Mastercard Expands Program for Flexible Checkout Payments
Source – Businesswire
To share your insights with the FinTech Newsroom, please write to us at news@intentamplify.com
