C2 Systems Integrates AI Agents into Covalent Loan Origination System
News related to:C2 Systems, LLC · 1 min read
C2 Systems, developer of the Covalent Loan Origination System, has partnered with Uptiq to integrate AI agents directly into its platform. This integration aims to streamline the loan origination process for lenders, enhancing efficiency and decision-making while maintaining control over final decisions.
The new feature allows lenders to automate key steps in the loan origination process, including document intake, financial spreading, and credit memo drafting.
The first agents to be embedded into Covalent focus on three critical stages: document intake, financial spreading, and credit memo drafting. At each step, the AI agents prepare the necessary work, and the lending team makes the final decision. For document intake, the Intake Agent ingests and classifies tax returns, financial statements, bank statements, and debt schedules. The Underwriting Agent, on the other hand, extracts and normalizes financials, calculates ratios and cash flow, and returns structured analysis. Finally, the Credit Memo Agent drafts the credit memo based on information gathered throughout the origination and underwriting process.
This integration is designed to address the gap between existing systems and the manual work that often occurs between them.
The partnership builds on the automation already delivered by Covalent, including online application intake, identity verification, secure document exchange, credit retrieval and analysis, pricing and decision support, compliance workflows, document production, e-signature, and hand-off to loan servicing. C2 Systems claims that this new feature will help lenders increase their capacity by allowing existing teams to handle more deals without adding headcount. Additionally, it promises faster decision-making by providing spreads and analysis ready for underwriting when the file is opened.
Snehal Fulzele, CEO of Uptiq, emphasized the importance of bank-grade AI.
More than 150 financial institutions currently use Uptiq, underscoring its reliability and effectiveness in the market. With this integration, C2 Systems aims to provide lenders with a powerful tool to enhance their loan origination processes, ensuring both efficiency and control.