As a MassChallenge returnee and 2020 Diamond Award Winner, RealKey is honored to announce that we have been accepted as a participant and named a finalist in this year’s MassChallenge FinTech and IBM AI Mentorship Program. This year’s three-month virtual program kicked off on November 10. MassChallenge, a global network for innovators, and IBM partnered to support and advance startups solving real world problems with AI. They are working with startups where at least one founder comes from historically underrepresented identities including black, indigenous, people of color (BIPOC), and/or female.
RealKey is one of 51 startups selected from a talented and highly competitive applicant pool given our potential to drive impact and create meaningful change through the power of AI.
One of the greatest challenges that lenders experience is the receipt of unsupported and incomplete applications through Points of Sale or by phone from borrowers. The mortgage loan originator runs that data through Automated Underwriting Systems and requests basic documentation (often the same documents twice), resulting in repeated back and forth with underwriting. Their internal systems provide no facilitation on what to gather and when. These gaps lead to drastic reductions in the Net Promoter Score (NPS), which measures customer loyalty and the likelihood of repeat or referral business, and substantial costs incurred. The RealKey platform addresses these challenges by centralizing and simplifying documentation collection and review. Our platform reduces touches with underwriting by getting documents and data collected directly from the source. We do this through APIs to identify a more complete list of initial needs, invite the expected uploaders, and provide clear instructions. RealKey then uses OCR and APIs to review the documents and data provided, and finally, AI again to determine if more action is required.
RealKey is taking a documents-first approach to automate processing and underwriting to get all the right documents upfront through integrations, OCR, and automated rules/algorithms to facilitate documentation collection and review. We are filling the gaps of current industry systems: LOS (Ellie Mae, Calyx), POS (Blend, Roostify, Rocket Mortgage) and replacing current manual processes affecting mortgage loan originators. RealKey’s innovative product and features also help insurance, title/escrow, and other mortgage ecosystem participants through:
- Smart Conditioning – Get the right conditions the first time
- One Portal for All Parties – Securely upload and download all documents relevant to a transaction at anytime to streamline processing, updates, and communication
- Chat Group – Keep all communication in one place and improve response times
- Automated Updates – Keep all parties up-to-date as the transaction progresses
- Reduced Fraud – Get data directly from borrowers and third parties
- Smart Stacking – Submit cleaner packages to help you get preferred pricing and quicker underwriting turn times
Want to know more about RealKey? Contact us today for a demo.
MassChallenge is the global network for innovators. Headquartered in the United States with seven locations worldwide, MassChallenge equips bold entrepreneurs to disrupt the status quo and to create meaningful change. Since launching in 2009, more than 2,900 MassChallenge alumni have raised $8.6B in funding, generated $3.6B in revenue, and created more than 186,000 total jobs. Learn more about MassChallenge.
IBM’s support of MassChallenge is part of Reigniting Small Business from IBM, a program that provides no-cost education and coaching designed to help small businesses run their companies more effectively as the COVID-19 pandemic eases. As part of the program, IBM volunteers and other industry professionals are available to coach individual entrepreneurs at no cost. Reigniting Small Business from IBM also offers live and on-demand tutorial sessions from program partners and IBM that include primers on topics such as human resources; accounting; funding; legal; and digital branding, marketing and customer relationship strategy.