Artificial intelligence (AI) isn’t new. In fact, the name “AI” was coined in 1956 at a Dartmouth summer workshop that brought together a few dozen leading thinkers in computer science and information theory to explore how AI could be applied in the future.
For the mortgage industry, that future has arrived. We’ve noted a recent shift in how people are talking about AI. It’s no longer an unknown “something” to be feared. As an industry, we are starting to embrace the potential of AI as a productivity tool able to take on the “stare and compare” work and free our human teams for higher-level tasks.
Voice of experience
Dark Matter® has deep roots in the mortgage industry, having worked with AI and machine learning (ML) for more than a decade with the goal of reshaping the mortgage industry landscape with seamless, efficient and automated experiences.
Our expertise isn’t phoned in. We have a large team of AI data scientists on staff, including several Ph.D.s, who have worked with AI for decades. Plus, we partner with other experts in the field, including the Amazon Machine Learning Solutions Lab to improve the accuracy of our data extraction from scanned documents, forms, tables and even handwritten notes. While AWS sells its own document-reading solution, we’ve layered in our deep mortgage experience to tailor how our intelligent tools use OCR technology.
Through all this, we’ve learned that AI performs work with an accuracy level and speed far surpassing human accuracy and speed and is adept at automating repetitive tasks like entering data from documents by applying machine learning and advanced business rules to identify just the exceptions that need human review and decision-making.
This allows workers who may come into the business with little to no formal tech training or college degree to use tools that follow business rules to guide them through processes and flag exceptions for their review (or review by someone with more experience).
Learning on-the-job
Aiva assistants can be bundled with Dark Matter’s Empower® loan origination system (LOS) or another LOS to boost the proficiency and productivity of your mortgage operation.
Aiva Docs is the OG of our solutions suite. It uses advanced technology to enable document classification, data abstraction and data analysis, all to support your decision-making. More than optical character recognition (OCR), Aiva Docs adeptly reads and classifies documents, plus it enters data directly into your LOS so it’s automatically filed right where it needs to go. All data pushed to the LOS can be traced to its original document.
Aiva flags discrepancies (like missing data fields or documents) and presents actionable data in easy-to-understand reports. This allows lenders to scale operations without adding personnel.
It’s also learning as it goes based on human decisions, so every day it gets smarter and more accurate with its processing.
Setting new benchmarks
We know our approach to AI development is working because of the real-world results we’ve been able to measure.
Put Aiva to work for your mortgage team
We think the most successful mortgage companies in the next ten years will be the ones that learn how to use AI effectively.
That means using AI for what it does best — the heavy lifting of data entry and stare-and-compare tasks and letting its exception-based processing call out what needs human attention and expertise.
Our deep understanding of mortgage processes guides the development of these new digital workforce assistants. After all, AI is not meant to replace your employees but to let them focus on tasks that are more valuable to your business.
That’s just a smarter way to work, and with our Aiva solutions, you can use AI to benefit your team right now.
Nick Fragale CMB has 22 years of mortgage industry experience and is Senior Vice President of Sales, Integrated Components and AI Solutions for Dark Matter Technologies.