AREAL.ai Releases Powerful New TRID Collaboration Tool

AREAL.ai, the no-code automation platform for the title and mortgage ecosystem that makes it easy to reliably extract data from complex documents and integrate data with existing tools and workflows, has released the Closing Disclosure Balancer Automation Tool, an AI-powered solution that allows lenders and their title agency partners to easily compare and balance Closing Disclosures to remain in full compliance with the CFPB’s TRID rules.

“Different systems in use by the lender and its title agency partners means that the data that ends up on the Closing Disclosure doesn’t always match,” said Argun Kilic, Areal’s CEO. “This can be very bad in a purchase money market where delays can occur if the lender must re-disclose changes. Business referral partners have no patience for such delays as they know it degrades their customers’ experience and can cost them future business.”

AREAL.ai’s CD Balancer is designed to reduce the friction between industry partners with advanced software that flags every unmatching section on the Closing Disclosure, highlights any changes made and then sends the corrected data back to the various systems of record automatically.

Kilic pointed out that the new tool is not just another application of OCR. The company’s core AI-powered document management software ingests the documents, pulls the MISMO data elements, and then uses built in compliance calculations to find issues. The documents are then presented on the screen so the user can see exactly where problems exist. As changes are made, the documents are updated.

Aside from the CD Balancer, AREAL.ai’s other product lines save hundreds of thousands of dollars for its customers per month. AREAL.ai’s Rapid Order solution allows users to produce a title and escrow order within seconds. AREAL.ai’s Closing Package Reviewer solution gives mortgage processors and title agents the ability to automatically verify the completeness of all buyer, seller, lender and notary documents within large documents and ensure that all documents are properly collected and executed.

These features are now built into most of the top modern title and mortgage industry transaction management systems, including RamQuest, as well as the Encompass LOS. CD Balancer will work with any lender or title company technology.

The turnkey solution includes industry specific document understanding for over 1,400 document types, data extraction and workflow features that enables businesses in the title and lending verticals to eliminate the need for manual document processing, accelerate their response times and exponentially scale their business capacity.

“As a former mortgage closing specialist, I see this new software as a game changer,” said Noah Cosentino, Product Manager for Areal.ai. “Areal CD Balancer benefits from the millions of pages of documents that have been processed by Areal’s AI. This is the tool I wish I’d had when I was closing loans because it can reduce friction, take time and cost out of the process and increase borrower satisfaction. It’s the tool the industry needs now.”

This new offering has been very well received by the industry and the company is now supporting new customers on a first come first served basis. To get on the waitlist and learn more about AREAL.ai’s CD Balancer Automation Tool, please visit https://www.areal.ai/products.