Rapidio, a pioneer of mortgage underwriting technology, announced availability of its data platform to safely transform mortgage lending with speed, accuracy and security.
Powered by its proprietary Al technology, Rapidio’s data platform provides lenders with accurate, reliable data extraction to improve data accuracy, reduce risk, streamline processes and help meet regulatory compliance requirements. By ingesting every data field from every document, even though it’s not required, lenders gain a complete data story, providing underwriters with exacting, trustworthy data.
Unlike other platforms, Rapidio analyzes data, not documents. In addition to its own proprietary technology, it leverages multiple other platforms including ones from Google and Microsoft to augment processes, and then layers additional AI engines to double and triple check for accuracy. When Rapidio identifies an anomaly, mismatch, or illegible data field, rather than queue up the entire document, only that data field is flagged for human review. Not only does this speed processes, but it eliminates the potential for fraud or data breaches.
“Currently, there is no real solution to automate data extraction,” said Michael Tuch, Co-founder of Rapidio. “Financial institutions are embracing AI and machine learning to speed and automate processes, but data accuracy is a challenge. In response, lenders have a greater dependency on human in the loop processes to verify data and reduce errors.”
Tuch adds, “At Rapidio, we’re changing that. Our data platform ensures 100% accuracy, and we’re able to do this in minutes. If there is inconsistency, we’re sending just the characters for human verification rather than the entire document. This cuts down on both time and risk. One data point has essentially no value.”
With data security at the core of its technology, Rapidio’s platform uses advanced encryption protocols to secure the data while it’s being transmitted and stored. This means that any sensitive information handled through Rapidio’s platform is rendered unreadable to unauthorized individuals, keeping it safe from potential breaches.
Rapidio also implements regular security audits and updates to stay ahead of emerging threats. Its dedicated team of security experts continually monitors the system, ensuring that its lender clients’ data is protected round-the-clock. Moreover, Rapidio understands that every business is unique, with its own set of challenges and requirements. That’s why the company’s solutions are scalable. As a lender’s business grows, Rapidio’s platform adapts, providing the necessary tools and security measures to handle increased data volume and complexity.
“In the age of digital transactions, data security has become more than just a buzzword; it’s a necessity,” adds Tuch. “In mortgage lending, the stakes are even higher. Lenders handle sensitive information such as credit histories, personal details and financial records. A breach in data security can lead to severe consequences, from financial losses to reputational damage. With regulatory bodies tightening their grip on data privacy laws, ensuring data security is also not just about protecting your clients but about staying compliant and avoiding hefty penalties.”
Rapidio’s data platform is designed with robust security measures that protect user data at every step of the mortgage lending process. By embracing a solution that scales with a lender’s business and prioritizes data security, Rapidio is redefining the future of mortgage lending and making it safer, smarter and better.
About Rapidio
Rapidio has been in the document classification and data extraction technology for more than 12 years, having processed more than 17 million consumer applications in European markets. Using this expertise, the company has developed a micro service architecture, the FlexStack Component System™, that works seamlessly within the mortgage manufacturing process to provide financial institutions greater loan level cost control and scalability of their operations. Built by underwriters, informed by hindsight, and backed by experience, Rapidio is transforming the underwriting process. Rapidio is SOC 2 compliant and committed to upholding the highest standards of security, data protection, and internal controls. For more information, visit www.rapidio.com.
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