Homeownership is a goal for many Americans, but this cornerstone of the American Dream has become more and more difficult to achieve. Could #AI be part of the solution? In the most recent issue of our president’s newsletter, Sanjiv’s Scoop, Sanjiv Das explores this idea, explaining how AI could revolutionize the #mortgage market by streamlining the application process, enhancing #credit assessments, and reducing #lending bias. Check out the newsletter to learn more about AI’s potential to make the path to #homeownership more accessible, equitable, and efficient: https://lnkd.in/dBbXDjt7
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Technology Focused Design Executive Building AI products, Driving Digital Strategy, Product Management, and Experience Design
AI will be revolutionizing the mortgage industry at lightning speed, and Rocket Mortgage's unveiling of Rocket Logic is a prime example! Rocket was already fast and efficient. With a 25% reduction in loan closing times and the elimination of thousands of hours of manual labor, it's clear that AI-driven automation is the future. I’d also bet this will be a boon for their CX as well. Exciting times ahead as AI continues to reshape the landscape of mortgage lending!
Great achievements are often the result of patience and collective effort. This is especially true for the remarkable journey of Rocket Mortgage’s Rocket Logic technology. It’s a story of collaboration and the belief that innovation can transform industries, which is exactly what this AI-fueled platform will do for the homeownership space. This article in Forbes by Dr. Elijah Clark paints a magnificent picture of the impact AI will have for homebuyers and how Rocket is already harnessing it to make a massive difference. Thank you to everyone who helped bring this announcement to life, specifically Andrew Colunga - cheers to many more to come! #TeamWork #RocketMortgage #Homeownership #AI
Rocket Mortgage’s AI Technology: The Future of Mortgage Lending
forbes.com
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New research has revealed that Australians generally don’t trust generative AI to help select their mortgage plans, showing that most borrowers still value the human touch of mortgage brokers throughout the home loan process. The study by FIS, a global financial services technology company, showed that over half (54%) of Aussies were uncomfortable with having gen AI assist with choosing a mortgage, with a further 15% saying they are not at all comfortable. Only 15% of survey respondents said they didn’t mind. Aussie broker Phil Stewart and Bernard Desmond - Mortgage Broker from Blank Financial explain their relationship with AI and what it might look like in the future. https://lnkd.in/gjDJFHen #futureofbroking #AI #generativeai #chatgpt #mortgagebrokers #brokertechnology #brokernews
Would you let generative AI select your mortgage plan?
brokernews.com.au
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In recent years, the rapid advancement of Artificial Intelligence (AI) has revolutionized a number of different industries, and the mortgage sector is no exception. In this article, we will explore the myriad benefits that AI brings to mortgage brokering and how it is reshaping the industry for both borrowers and brokers alike. Find out more below. To get started on your mortgage application today, contact Clover Mortgage to schedule a free consultation! https://lnkd.in/gktMwA_e
Benefits of Using AI for a Mortgage Brokerage
clovermortgage.ca
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Amid UWM vs.Rocket press fight, real estate media Inman says Rocket Mortgage just get an AI patent to save 25% time, yet the patent appears some data process improvement not really "AI" element in it...So what is it exactly? maybe another media spin? what's the 25% based upon? On the other side, REAI provides REAL AI technologies and REAL AI patents to help agents, mortgage vendors, homeowners etc.. to boost their results! https://lnkd.in/eFp9CBmZ #realestateagent #realestatelife #mortgage #realestate #realestatemortgage
Rocket Mortgage: Patented AI process cuts turn times by 25%
inman.com
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Amid UWM vs.Rocket press fight, real estate media Inman says Rocket Mortgage just get an AI patent to save 25% time, yet the patent appears some data process improvement not really "AI" element in it...So what is it exactly? maybe another media spin? what's the 25% based upon? On the other side, REAI provides REAL AI technologies and REAL AI patents to help agents, mortgage vendors, homeowners etc.. to boost their results! https://lnkd.in/ecRtU5SJ #realestateagent #realestatelife #mortgage #realestate #realestatemortgage
Rocket Mortgage: Patented AI process cuts turn times by 25%
inman.com
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How is your company preparing for when the mortgage market turns? This insightful article from Wolters Kluwer sheds light on the pivotal role of tech investment in shaping the future of lending. #MortgageLending #Technology #Innovation
As per a Wolters Kluwer survey in 2023, less than 9% mortgage lenders feel confident about having proper technological resources to lead when the market returns back to growth mode. However, 75% recognize the need to invest more in technology. How is your company gearing up for the future? Visionet with its Mortgage Tech Accelerators such as DocVu.AI can help mortgage lenders streamline processes, scale rapidly and optimize costs. Reach out to us in case you need a strategic partner for your digitization goals in 2024. Lynn Salicce Rajasshri Phadnaik Uttara Thakur Angela Thompson Norman Gottschalk Adeel Ahmad Aashish G Mukund Nagaraj Wasim Iqbal Thomas Lin Shamit Vohra Yash Chaturvedi Mustaq Hussain Raj Garg Subhash Shetty Sachin Sawant Anurag Apurva Tauseef Muhammad https://lnkd.in/eZjJHH7u
Mortgage lenders believe investment in technology will be key to being able to scale when the market turns: Survey
wolterskluwer.com
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The American housing industry has recently earned itself negative headlines, and the mortgage application process has long been considered a hurdle for those looking to purchase a home. That's why I'm excited about the possibilities that AI can bring to the industry. Recent developments give me hope that we can begin to "think bigger" about how to solve these issues and empower consumers to feel confident in their financial lives. While taking a Product Management course at Kellogg, my peers and I developed a business idea that would use this technology to demystify personal finance for first time homebuyers while connecting them to homeownership-related services. That experience gave me the belief that with proper focus, the mortgage industry can leverage AI to give consumers deeply informed certainty in homebuying. I'm written my thoughts in the Kellogg Business Journal, a recently launched student-run publication. Exciting things ahead for America’s aspiring homeowners! https://lnkd.in/eJdkn3ug
The Empowered Homebuyer: Arming Borrowers in the Next Era of Homeownership
medium.com
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There is a new fundamental that ever Mortgage Lender must learn. Accuracy = Trust = Automation. Remember this equation when evaluating AI based tools that you expect to deliver significant ROI through automation. Businesses that purchase or implement AI based applications or workflows, without understanding this equation, are often very dissatisfied with the results. The problem lies in where we set the accuracy bar for AI that will replace or assist human work. 90% accuracy sounds really good. We have been taught our entire lives that this means “excellent”. But here’s the problem. If an accountant for a business is 95% accurate on financial reports, then his or her work will be reviewed each time, reducing the accountant’s benefit to the organization. If a robot on an assembly line makes the right component selection 900 out of 1000 times, then humans will be checking all 1000 decisions to be sure it was correct, which means little to no automation gain. In each of these examples, and countless others like them, accuracy is too low to trust that the task can occur without reviewers or humans in the process to correct mistakes. Those responsible for the process have to ask the question “Can we trust that we know which 5% or 10% was not correct without looking at the entire set”? The answer is No. The end result is a process that costs more than planned, is slower than expected, and is not as scalable as required. Unfortunately many businesses today have this experience with their first AI implementations. Of course human and machine accuracy depends a lot on the data quality itself. Noisy data (wide variances, lots of erroneous or meaningless data) is difficult for machines, and accuracy will be low. Humans are best here. In highly behaved data scenarios, machines outperform humans in accuracy because of boredom or fatigue in humans. These are great cases to achieve AI accuracy that is better than humans consistently, regardless of volume and scale. Mortgage Lenders must compete against cash buyers (and automated lenders). This means time to close needs to get below 30 days in most cases, with goals to trend shorter each year. And reducing post close dwell times to under a week is crucial to gain positive profit margins again. Poor automation of mortgage documents and data, the blood in all mortgage manufacturing processes, holds both of these goals back. Too many clots! Mortgage documents and data are a well behaved data set and a strong AI platform like TRUE achieves 97%-99% accuracy for close to 1000 documents and 10,000 extractions. With this level of accuracy, lenders are able to fully trust the machine to handle the task, allowing critical sales operations staff to focus on winning new clients. Lenders, before selecting a document recognition and data extraction platform, ask if humans are required to get to a trust level. Your costs and competitiveness will depend hugely on what you find out. Accuracy = Trust = Automation.
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