Informed was founded in April of 2016 by Justin Wickett and Magdalena Yesil to help lenders improve the lending process. Specifically, to speed up the process, reducing fraud, cost and risk using Document AI and machine learning (ML). Their mission was to do all that while improving financial inclusivity.
Justin identified the problem of inclusivity during his time at both Lyft and Credit Karma. Credit applicants, especially gig-economy workers, were being declined for credit or weren’t receiving the best possible loan terms. The reason was that lenders were not equipped to correctly calculate their income.
So, the team of machine-learning engineers built vertical language models powering Document AI on top of OCR, automating verifications. Informed’s Vertical AI overcame the limits of generic document intelligence. The combination of OCR, document intelligence and a knowledge graph goes far beyond simple OCR extractions – the extractions are validated.
In 2023, Informed processed over 6 million consumer credit applications for US lenders. And, the company automated over $125 billion in loan originations to date. The solution is the leading AI lending solution enhanced with Generative AI, verticaI language model capabilities and a copilot interface.
Unlike general GenAI or GPT tools, Informed understands the unique requirements of lenders’ data and workflows. So the Vertical AI models are customized to meet lenders’ needs. And now, lenders can leverage the copilot to review and check the extracted data.
Informed’s AI copilot is used by loan officers for their origination data, applicant documents, and dealer documents. Leveraging internal intellectual property, the machine learning models classify, extract and compare data, unlocking value for our lenders.
As an AI company, Informed is uniquely positioned to build these copilots and help loan officers supercharge their business. Today, Informed serves 7 of the nation’s top 10 auto lenders, many US credit unions, and various consumer lenders.
Millions Apply For Loans Every Year
Every year, millions of consumers apply for mortgages, HELOCs, auto, student and personal loans. They apply to open bank accounts, to qualify for Federal Home Finance Agency and Housing and Development (HUD) assistance. Their applications and supporting documents are manually analyzed and income calculations are performed before the applications are funded.
Eliminate Manual Review
Our mission is to unlock the information trapped in these documents in real time and eliminate manual review of applications via AI and Machine Learning to enable Touchless Funding.