Simplify Your Pre-Funding Systems with AI-Driven Automated Underwriting Software

About Fundmore.ai

FundMore.ai is an automated underwriting system that uses machine learning (ML) to streamline the pre-funding process for loans. It was created to service mortgage lenders that do not have access to the proprietary software relied upon by large institutions.

Our platform allows lenders to assess many sources of data, helping them identify viable mortgages that carry less risk and have a greater opportunity for profit. This enhanced efficiency will increase lenders response times, save them money, increase their underwriting capacity, and reduce human error by automating a time consuming manual process.

Location: Ottawa

Year Founded: 2018

Vertical: Lending / Borrowing

Employees: 1- 10

Website: fundmore.ai

Social Media:

Problem

Currently, it takes more than 40 days to fund a mortgage, it costs more than $9000 and nearly 70% of all mortgage applications are at least in part fraudulent according to a study completed by Home Capital and Equifax in 2018. There are a lack of tools and underwriting platforms in North America that are capable of providing real-time assessment to reduce risk, improve cycle times and make lenders more profitable.

Ideal Customers

Businesses (B2B)

Milestones

  • MVP Completed
  • Integrated 3 third-party software partners onto our platform, with another 3 planned
  • Participating in Invest Ottawa’s Pre-Accelerator Program
  • Over 25 customers demos, with 3 lenders lined up for our pilot program
  • In discussion with several significant industry channel partners
  • Startup Pre-revenue 100% 100%
  • Startup Post-revenue $1 – $2M 0% 0%
  • Scaleup $2M – $10M 0% 0%
  • Scaleup $10M+ 0% 0%

Core Benefits

Faster Transaction Times: A mortgage file can take up to 5.5 hours to review before any commitment is issued. Thanks to our AI-driven platform, FundMore.ai can cut that time down to minutes without increasing the lender’s risk. FundMore.ai optimizes workflows, reduces redundancies, and provides a lender with an automated underwriting system that increases their productivity and allows them to close more mortgages.

Better Borrower Experience: Our platform can get a lender’s customer approved in as little as a few minutes. With faster response times, lenders will increase their ability to win business from borrowers.

Automated Risk Decisions: We improve lender’s risk management using predictive modeling and pattern recognition to assess risk and provide real-time reasoning.

Improved Collaboration: Mortgage files are complex and often require input from several team members. FundMore.ai allows for real-time specific requests through in-app messaging, provides reminders and alerts, allows for easy document collection and boosts collaboration between the lender, broker, and customer (borrower).

Reduced Cost and Increased Bottom Line: More than 50% of a lender’s costs go to labour and compliance. FundMore.ai helps them close more mortgages and reduce their cost-to-close by eliminating time-consuming manual processes, reducing expenses and boosting profits.

    Problem

    Currently, it takes more than 40 days to fund a mortgage, it costs more than $9000 and nearly 70% of all mortgage applications are at least in part fraudulent according to a study completed by Home Capital and Equifax in 2018. There are a lack of tools and underwriting platforms in North America that are capable of providing real-time assessment to reduce risk, improve cycle times and make lenders more profitable.

    Core Benefits

    Faster Transaction Times: A mortgage file can take up to 5.5 hours to review before any commitment is issued. Thanks to our AI-driven platform, FundMore.ai can cut that time down to minutes without increasing the lender’s risk. FundMore.ai optimizes workflows, reduces redundancies, and provides a lender with an automated underwriting system that increases their productivity and allows them to close more mortgages.

    Better Borrower Experience: Our platform can get a lender’s customer approved in as little as a few minutes. With faster response times, lenders will increase their ability to win business from borrowers.

    Automated Risk Decisions: We improve lender’s risk management using predictive modeling and pattern recognition to assess risk and provide real-time reasoning.

    Improved Collaboration: Mortgage files are complex and often require input from several team members. FundMore.ai allows for real-time specific requests through in-app messaging, provides reminders and alerts, allows for easy document collection and boosts collaboration between the lender, broker, and customer (borrower).

    Reduced Cost and Increased Bottom Line: More than 50% of a lender’s costs go to labour and compliance. FundMore.ai helps them close more mortgages and reduce their cost-to-close by eliminating time-consuming manual processes, reducing expenses and boosting profits.

      Ideal Customers

      Businesses (B2B)

      Milestones

      • MVP Completed
      • Integrated 3 third-party software partners onto our platform, with another 3 planned
      • Participating in Invest Ottawa’s Pre-Accelerator Program
      • Over 25 customers demos, with 3 lenders lined up for our pilot program
      • In discussion with several significant industry channel partners
      • Startup Pre-revenue 100% 100%
      • Startup Post-revenue $1 – $2M 0% 0%
      • Scaleup $2M – $10M 0% 0%
      • Scaleup $10M+ 0% 0%

      UPDATE: FFCON20 RESCHEDULED TO JULY 8-9 DUE TO CORONAVIRUS