AiCurio’s AI-based predictive analytics forecasts future loan performance with 96% accuracy
AiCurio, a subsidiary of Veptas Holdings, Inc., announced that Evolve Mortgage Services has chosen its analytics technology to help its clients improve decision-making on loan and mortgage servicing portfolios. Evolve, a leading provider of outsourced component and end-to-end mortgage solutions, will use AiCurio’s AI-based predictive analytics to enhance its custom work with mortgage lenders, banks and credit unions.
Leveraging over 103 million loan records and 6 billion payment records over the past 22 years, AiCurio predicts future cash flows, defaults and prepayments up to eight years in the future with 96 percent accuracy. In addition to allowing lenders to reduce the amount of staff needed to originate and on-board loans into servicing systems, the company’s predictive modeling is used to analyze life of loan performance, identify opportunities for refinancing and reduce loan runoff. It also supports portfolio surveillance by prescribing loss mitigation and default strategies.
“Mortgage organizations can reap huge benefits through predictive modeling, which is commonly used in many other industries but fairly rare in the mortgage industry,” said Lester Firstenberger, CEO of AiCurio. “We’re delighted that Evolve has chosen our highly efficient and accurate approach to evaluating mortgage asset performance, and we look forward to a long and successful relationship.”
“We’ve been very impressed by the depth of data that AiCurio uses to support its analytics,” said Paul Anselmo, CEO of Evolve Mortgage Services. “I’m confident the company’s unique, AI-powered modeling technology will help us give our banking and lender clients the best loan performance forecasting tools available, so they can improve and grow their businesses.”