Floify Launches Dynamic AI Data Extraction Tool
Floify's Dynamic AI automates document collection and data extraction, reducing manual entry and speeding up approvals.
Point-of-sale (POS) solutions company Floify announced the launch of Dynamic AI, a new capability that streamlines the mortgage application process by moving document collection and AI-driven data extraction to the beginning of the process.
Instead of filling out long questionnaires, borrowers can upload documents such as pay stubs, W-2s, and identification. The system's AI extracts and verifies the data, prepopulating applications with confirmed information.
The new tool complements Floify's Dynamic Apps feature, launched in March, which lets lenders customize loan applications based on loan type. This feature cuts down on manual data entry for loan officers and speeds up application completion.
As Dynamic AI is built into Floify's existing POS system, lenders can use it without adopting a separate platform.
Floify says the feature cuts down on manual data entry for loan officers and speeds up application completion.
Author's summary: Floify launches AI-powered data extraction tool.
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