AURORA, Colo. — Lending technology provider Origence is doubling down on its artificial intelligence (AI) and automation initiatives with two new integrations designed to speed credit decisioning and streamline document management, the company announced today at the Origence Lending Tech Live conference.
The company will integrate Los Angeles-based Zest AI’s Model Management System credit scoring technology into its consumer lending platform — called “arc OS” — to simplify automated underwriting and credit decisioning. Zest AI uses machine learning algorithms to determine the credit worthiness of a potential borrower outside of traditional underwriting methods.
Zest works with Freddie Mac, Coastal Federal Credit Union, and VyStar Credit Union, among others, according to the company’s website.
Origence is also integrating Informed.IQ’s AI-powered document verification software into its tech stack, the company announced. Informed software allows lenders to automatically verify documentation included in the loan packets.
Informed is piloting the integration with 15 credit unions and looking at a wider launch sometime in early 2023, company Chief Executive Justin Wickett told Auto Finance News.
“The goal is to help [credit unions] free up staff so they can focus on deepening relationships with members, improving relationships with dealers, improving compliance … and ultimately, remove the stare and compare that is known to result in mistakes,” Wickett said.
Auto Finance Summit, the premier industry event for auto lending and leasing, returns October 26-28 at the Wynn Las Vegas. To learn more about the 2022 event and register, visit www.AutoFinanceSummit.com.
