Residential Mortgage Underwriting and Automated Title Search
Converting the entire pdf into text and structured data with unprecedented accuracy to create Apps that make automated decisions
ABOUT FIREHORSE
We Are Converting The Entire PDF Into Text & Structured Data With Accuracy
We are one of the first companies in Structured Language Processing which converts every piece of textual & quantitative information in a pdf into a table or text with unprecedented accuracy so a developer, analyst or businessperson can use the data. In select industries we create purpose-built calculation infrastructure to power an App or provide the App itself to solve business problems, primarily related to the automation of making a decision. Adding Apps in new industries simply requires adding business intelligence.
We automate the Post-Submission loan file review and create consistency in pre-submission underwriting. We automate the title search.
We take PDFs and metadata and turn them into mortgage decisions.
Experience the Automation of the Delta℠ Mortgage Platform
We take all the data from the pdfs because for the mortgages that require judgment, the most important information is often not in the required documents. We lay out all the numbers in one place, and then we show the numbers in an intuitive format so you can tell it’s correct.
We also allow your internal auditors to review these decisions very quickly. In fact, it’s a simple process to automate that internal review as well because all the numbers are gathered and in one place and the calculation is done transparently.
ABOUT FIREHORSE
Firehorse is the first company in the emerging Structured Language Processing industry. Currently the market for processing documents focuses on the two extremes: Forms and Natural Language.
We’ve created a platform using our experience re-underwriting $50+ Billion in performing and non-performing loans to convert the entire loan file pdf into text and structured data with unprecedented accuracy. Now we've created Apps that make automated decisions with ALL of the data.
We are the first company to do Structured Language Processing. We convert every piece of textual and quantitative information in a pdf into a table or text with unprecedented accuracy so a developer, analyst or businessperson can use the data. In select industries we create purpose-built calculation infrastructure to power an App or provide the App itself to solve business problems, primarily related to the automation of making a decision. Adding Apps in new industries simply requires adding business intelligence.
Firehorse Group has significant domain expertise in OCR and real estate. Our principals financed Mitek Systems (NASD: MITK) which used OCR technology to commercialize mobile deposit. Our principals have significant experience in residential mortgage underwriting and every aspect of real estate investment underwriting including investing in every level of the capital stack in nearly every real estate asset class in over 15 countries.
Firehorse’s vision for automating decisions came from hard experience underwriting loans and real estate assets around the world. It seemed like every new transaction required a new number that wasn’t in the existing checklist or was hidden inside another calculated number. This led to manual intervention. Wouldn’t it be nice if all the data were available and in one place? We realized that we could do this. Current technology is like catching tuna by finding the exact spot and dropping a line there with the exact bait you need and then doing that a hundred times. That’s why there are confidence levels and human error checking. Our technology is a net that catches all the fish in that spot. We then throw out the fish we don’t need leaving us the tuna.
Firehorse’s vision is to make all factors behind a decision transparent. Often it’s hard for two parties to agree on what data leads to a decision because it’s based upon a calculated number with many inputs. We make those inputs visible which makes the calculation visible. Now anything related to a decision is easy. Once all the data is there, you can automate the decision. You can articulate the decision to another party. As market conditions change, decision-making can change too. When other companies automate a process, how can they do so without having all the relevant numbers available? And will that automation work a year from now?
Howard Petty is an expert in providing post-submission and forensic loan reviews. Hoch Cho had an affinity for Optical Character Recognition (“OCR”) and automating underwriting processes. They came together to create Firehorse.
Firehorse started by doing forensic loan reviews which required going through every inch of the loan file to find relevant information. Often the most important information was locked in parts of the document that are traditionally not reviewed or analyzed. By going through this process for thousands of loans we created a way to abstract almost all the quantitative data from the loan file and most importantly check it for accuracy. Unlike the double blind, human check that many loan reviewers use, our algorithmic check is more accurate and consistent and most importantly can say definitively whether or not a number is right or wrong. We did this process manually as OCR at the time wasn’t good enough. We were able to offer a better forensic product than our competitors leading to more significant findings but at the same price.
Fast forward a few years and with a noticeable improvement in OCR, we were able to automate all that manual data entry and error checking. Abstracting 10-20x more data than the industry does also required a new approach to taking in, storing and exchanging that data with partners. We created a hybrid relational database and NoSQL database infrastructure to solve that challenge.
Now we bring that forensic loan review engine to the mortgage, title and other industries. We found that often market conditions change and the data & documents required five years ago are no longer enough to make a decision. Our approach of bringing in all the data and documents means that we can automate the exceptions, or mortgages that need extra documentation, today and also new challenges that come up in the future.
CHAIRMAN OF THE BOARD & CHIEF EXECUTIVE OFFICER
PRESIDENT & CO-FOUNDER
Want to see how our affordable Data Products can support your system? Let’s chat! We believe in talking to real people. Tell us about your project by email or phone and we’ll get right back to you. Our team is here to listen and answer any questions you have. Don’t wait; get all of your data today!
Firehorse Group
Location:
300 New Jersey Avenue
Washington DC, 20001
Mailing Address
300 New Jersey Avenue
Washington DC, 20001
Phone:
(202) 656-6611
Info@firehorseteam.com