Novaprime, a mortgage technology company dedicated to making homeownership more affordable, has recently announced that it 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.”
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.”
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.”
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 reportedly processed “with high accuracy and efficiency, enabling faster post-purchase handling.”
Novaprime’s marketplace product is already said to be “integrated with key entities such as Freddie Mac and others, providing comprehensive support for pricing, commitments and loan assessment to its mutual clients.”
As mentioned in the announcement, Novaprime is a mortgage technology company that claims it is “dedicated to making homeownership more affordable.”
By leveraging emerging technologies like (artificial intelligence) AI and Distributed Ledger Technology (DLT), Novaprime drives substantial savings and also aims to empower lenders to “offer more competitive mortgage products.”
As an approved technology provider with Freddie Mac and others, Novaprime is transforming how mortgage institutions and capital markets “approach mortgage as an asset class.”