Copperlane
Copperlane automates mortgage intake, the stage where most of the roughly 11,800 dollars it costs a lender to originate a loan is spent. Its agent, Penny, pulls and reads borrower…
Overview
Copperlane automates mortgage intake, the stage where most of the roughly 11,800 dollars it costs a lender to originate a loan is spent. Its agent, Penny, pulls and reads borrower documents, checks eligibility, answers borrower questions during the application, verifies what has been submitted and chases what has not, so loan officers receive complete files rather than chasing paperwork. It interprets income patterns, assets and credit file detail, scans bank statements for large deposits inconsistent with stated income, anticipates the conditions an underwriter is likely to raise, contacts the borrower for clarification and drafts letters of explanation before the file reaches underwriting. The company targets reducing document review and pre-approval analysis from over four hours per file to minutes, and states it keeps a human in the loop.
Details
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