Pittsburgh-based TRAiNED, Inc. a mortgage processing technology firm focusing on AI, said it was launching an investment opportunity to transform the traditional mortgage process.
Its product, StartEngine, would make the mortgage process faster, more cost-effective and less cumbersome for lenders and borrowers, the company said. Currently, the average cost of loan manufacturing exceeds $11,000, the company said. TRAiNED said its AI technology addresses challenges by automating some aspects of the mortgage process, including document verification and data transfer to Loan Origination Systems (LOC). The automation could reduce manual labor, cut costs and speed up the lending process, the company said.
The strategy will also create jobs for members of a marginalized community.
“Central to TRAiNED’s strategy is its commitment to social responsibility, particularly through employing neurodivergent individuals who specialize in training AI functions,” the company said. “This initiative not only advances technological innovation but also creates valuable employment opportunities for a group that is often underrepresented in the workforce.”
Since its inception in 2022, TRAiNED has signed 15 lenders, management almost 40,000 annual loans; generated more than $1 million in annual recurring revenue from new customers; and demonstrated strong market demand and product efficacy.