The Evolving Landscape of Mortgage

Scott Long, VP - Business & Artificial Intelligence Manager, PrimeLending

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Scott Long, VP - Business & Artificial Intelligence Manager, PrimeLending

In the residential lending industry notorious for financial complexities, fluctuating market conditions and persistent operational and regulatory changes, staying at the forefront of revolutionary technology is the key to success—which is why PrimeLending strives to develop forward-thinking solutions at every step of the process. As a national mortgage lender, PrimeLending is governed by one goal: make homeownership dreams come true while providing a simple, best-in-class borrower experience.

The paradigm shift from traditional to digitally-driven business models has largely been propelled by Artificial Intelligence (AI). From increasing Loan Officer productivity to enhancing the borrower experience to maximizing price competitiveness, AI is hugely influencing the lending industry’s future.

• Machine Learning – Provides systems with the ability to automatically learn and improve applications from large amounts of data without being explicitly programmed.

• Natural Language Processing – Technique used to aid computers to read, decipher, understand and make sense of human language.

• Computer Vision – Technique used to help systems understand images and decipher text in order to take the appropriate action.

• Robotic Process Automation – Software that can be easily programmed to do basic tasks across applications just as human workers do.

Predicting Customer Lifecycle

By quickly accessing and learning from existing data, ML will allow lenders to determine a borrower’s next steps and their likelihood of progressing through the sales funnel. By verifying, prioritizing and validating a borrower’s creditworthiness to ensure high-quality leads are being routed to our workforce, PrimeLending hopes to improve upon an already exceptional customer experience and deliver a highly productive, efficient process for Loan Officers in the future.

Simplifying the Mortgage Process

For those with little home loan experience, the world of mortgage, especially industry lingo, can be overwhelming. But, because NLP reads, deciphers, understands, and makes sense of human language in a manner that is effective and actionable, borrowers can interact with other AI technologies using their natural dialect.

Accelerating Application Reviewal

One of the most time-consuming aspects of the home loan application process is collecting and reviewing information required from borrowers. There are several areas throughout this experience that complete ‘stare and compare’ activities where the analysts verify that the data in the Loan Origination System matches the data on a document. By extracting information from images and documents, CV makes the data available for end users to do analysis. This will reduce a large percentage of the comparisons and allow analysts to focus on tasks requiring critical thinking.

Increasing Internal Productivity

Robotic Process Automation bots perform mundane day-to-day tasks allowing employees to focus and concentrate on critical thinking tasks and building internal and external relationships. Once a resource gets to the point in a process that can be automated, the resource could hand it off to the bot to complete the work and move onto the next task. RPA combined with ML and CV can also help reduce cost by automating tasks that previously seemed impossible to automate before. Mortgage is a cyclical industry, and this innovation should help alleviate the need to hire up during spikes in business.

Even though our current use of AI has drastically improved business, the lending industry is just scratching the surface of what this powerful technology can do. In an industry of relentless change, adapting to this technology revolution is paramount to thriving in this hyper-competitive market which is why PrimeLending strives to infuse ground-breaking innovation at every step throughout the process.



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