Point Predictive, the AI company that increases trust in lending, announced today that Ascent Funding, an award-winning education finance company, has adopted IncomePass to improve the lending experience for students and co-signers while adding a powerful risk management tool to its technology footprint. IncomePass allows Ascent Funding to reduce the time and resources required to fund new loans to borrowers when evaluating truthfulness and misrepresentation of income.
IncomePass was developed using Point Predictive’s patented Artificial + Natural Intelligence™ scoring approach, which enables Ascent to assess the likelihood of a 15% or greater misstatement of income by borrowers in a fast and reliable manner. Ascent Funding decided to partner with Point Predictive because of its unique consortium data approach and patented Ai + Ni machine learning technology that is proven to detect fraud and misrepresentation on loan applications.
IncomePass consists of a risk score and a detailed report with dozens of associated risk factors, including the applicant’s relationships to industries, employers, job types, job tenure, and other factors. The outputs from IncomePass can be fed directly into Ascent’s loan origination system through an API integration or delivered to analysts as a detailed report.
“Ascent Funding is an outcomes-based lender on a mission to make higher education available to as many people as possible through innovative technology and analytics,” said David Diehl, SVP of Analytics and Technology at Ascent Funding. He added, “We chose Point Predictive’s solution because it furthers this mission. IncomePass improves the application process for our borrowers and internal teams, reducing the time to complete the underwriting of loan applications while protecting our portfolio.”
Tim Grace, CEO of Point Predictive, welcomed the addition of a student lender to the consortium. “It’s not just underwriters of collateralized loans that benefit from our collaborative approach to data science,” he said. “IncomePass has the potential to improve any decision involving an assessment of a borrower’s stated income,” he added. “We’re thrilled to support Ascent in its journey to leverage collaborative data science to unlock new operational efficiencies.”
Only a portion of the employed population works for organizations that share their employees’ information with traditional data solution providers. Traditional data vendors, therefore, cannot meet data match rate expectations that justify their cost in the fight against fraud. Point Predictive, by contrast, makes real-time income predictions on every single application based on more than 94 million previous loan applications plus reported income data from the Internal Revenue Service, US Census, and confirmed prior fraud and default databases.
IncomePass is available today to all financial services providers that need to verify stated income on applications. Please contact firstname.lastname@example.org for more information.
About Point Predictive Inc.
Point Predictive Inc. is a leading provider of machine learning AI solutions to banks, lenders, and finance companies. It solves the billion-dollar risk problems of student lending, mortgage lending and retail with the latest technology platforms, smarter science, and business experience by leveraging big data with analytic models. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.
About Ascent Funding
Ascent Funding is committed to revolutionizing how students pay for higher education and services at more than 2,500 traditional schools and coding bootcamps. Ascent believes education is an investment for the future. We want to empower students from all economic backgrounds and disciplines to maximize the return on that investment.