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76 New Jersey Lisa G Lopez Broker of Record Home Alliance Realty 142 E. Bay Ave Manahawkin, NJ 08050 609-978-9009 (o) 609-384-5109 (c) lglopez@verizon.net www.HomeAllianceRealty.com www.LisaLopezProperties.com Pennsylvania The Team with More than 10 Years' REO Experience Emma Djiya, Broker 1st Class Realty 98 Forest Drive, Lords Valley, PA 18428 610.301.8803 (c) 570.775.6110 (o) 1stClassREO@gmail.com AroundThePoconos.com MASSACHUSETTS Cutting Down on Closing Time AI Foundry, an artificial intelligence (AI) platform company based in Massachusetts, has announced the launch of its next-generation Cognitive Business Automation Platform along with a new Agile Mortgages solution. is patent-pending technology incorporates the latest in AI, machine learning, and ma- chine vision to deliver a higher level of prob- lem-solving and decision-making ability for enterprises. e company's Agile Mortgages solution which is built on top of the platform, automates manual, labor-intensive mortgage processes, enabling lenders to dramatically accelerate the lending lifecycle. In a statement, AI Foundry said that its vision was to enable lenders to provide a much faster pre-approval and underwriting approval process for their customers. e company said that its Agile Mortgages solution would allow the mortgage industry to use AI to replace multi-week manual processes to help mortgages get processed from "application to underwriting" in days, not weeks. is capa- bility would help lenders enhance customer ex- perience while reducing the cost of mortgage processing. For homebuyers, these capabilities accelerate the home loan process and provide the digital experience that today's consumer demands. "Competition in the mortgage lending industry is intense and while many companies have deployed point of sale solutions for the customer, the back-end processes have not undergone a digital transformation, until now," said Steve Butler, Founder and General Man- ager of AI Foundry. "We will truly disrupt the 'status quo' by automating the mortgage application process and enabling lenders to complement those front-end capabilities with one-day mortgage approvals. is not only opens the enormous potential for acquiring and delighting new customers; it also drives down the cost per mortgage, so lenders can be more profitable." e AI Foundry Cognitive Business Auto- mation Platform is built with a model-driven, microservices architecture that enables rapid design, development, and operation for faster decision making. e platform automates processes by extracting data from electronic images and documents with accuracy and minimal manual intervention. It uses machine vision to extract and classify data and informa- tion that delivers accuracy rates of 90 percent or higher. is is significantly more accurate than Optical Character Recognition technol- ogy that is commonly used today. NEW HAMPSHIRE A Step Closer to Judicial Foreclosure Law e process of foreclosure varies from state to state, but in general, there are two different procedures in place, judicial foreclo- sure or nonjudicial foreclosure, both resulting in a foreclosure sale. New Hampshire is one of the few states that still allow nonjudicial foreclosures but that could change soon if HB 270 bill is passed into law. e bill requires that mortgage foreclo- sures be commenced by civil actions brought in superior court and also modifies the period of redemption for a mortgage. e House of Representatives in the state recently passed the bill after several cycles of reconsideration. e bill will be voted on in the state Senate before it is made into a law. If the law comes to pass, it is designed to keep homeowners from being blindsided by foreclosure and avoid title discrepancies. Rep. David Woodbury (D, New Boston) told the New Hampshire Business Review that the bill "changes that burden of proof from the homeowner to the bank." According to representatives who voted for the bill, during the last recession, things got messy with homes being sold off to a variety of real estate trusts without sufficient documentation that the entity filing the foreclosure actually owned the home. Others disagreed, arguing there was no testimony that foreclosures in this state are done im- properly. Both sides of the argument have con- cerns. If the bill is passed into law, "all future mortgages will cost more money. If you delay foreclosures, it increases costs and that costs get passed on," Rep. John Hunt (R, Rindge) told the New Hampshire Business Review. If it becomes law, New Hampshire will leave behind these remaining states that are predominantly nonjudicial foreclosure: Alabama, Alaska, Arizona, Arkansas, Cali- fornia, Colorado, Georgia, Idaho, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, North Carolina, Tennessee, Texas, Utah, Virginia, Washing- ton, West Virginia, and Wyoming. With a median home value of $1,009,000, Union City, New Jersey is among the 20 fastest growing luxury markets in the country, a realtor.com report on luxury sales indicated. KNOW THIS