Many people talk about artificial intelligence, but when it comes to mortgage they don’t provide clarity. We explain the real power of AI in mortgage.
AI has much to offer when it comes to the world of mortgage. Let's take Loan Underwriting for example. Loan underwriting is the most expensive part of the lending process and one with the highest risk, due primarily to regulatory and investor compliance. Ten years from now, finding an experienced loan underwriter to hire could be very difficult.
Jim Rosen, our Vice President of Product Management, recently wrote about this in an article that appeared on the blog for Progress in Lending.
Lenders must find a way to transform the loan origination process and do the same work with fewer people.
Using an AI-powered Document Management platform, we can use AI to intelligently inspect each document the lender receives so a human underwriter doesn’t have to determine whether they are looking at the right information or not. This takes routine document classification to the next level and provides real content management.
Instead of rooms full of humans staring at computer monitors, you have one powerful system processing documents that flow into electronic loan files. The possibilities are very exciting.
See what Jim has to say about this by checking out the full article here.