For the second consecutive quarter, IMBs and mortgage subsidiaries of chartered banks reported a $701 in pre-tax net profit in Q3 2024 on each loan originated, an increase from $693 they reported in Q2 2024.
While that’s certainly good news, many lenders are finding themselves in a window with manageable volumes and some extra time they can put to use by taking a hard look at their technologies and moving to solutions that will drive efficiencies to put them in a better position as the market shifts.
To that end, Dark Matter® has been hard at work developing two LOS platforms, artificial intelligence and machine learning (AI/ML) technologies to automate repetitive tasks, a servicing solution, and a strong integration network.
A Tale of Two LOSs
In 2024, Dark Matter added the NOVA loan origination system (LOS) to its product lineup.
Bringing the NOVA LOS under its banner alongside the Empower® LOS enables Dark Matter to offer two distinct LOS solutions and cater to a more diverse range of lender business models.
The Empower LOS is designed for lenders looking to scale by offering extensive exception-based workflows, comprehensive automation and the flexibility to adapt to complex operational models. The NOVA LOS provides a reliable, cost-effective solution with minimal administrative overhead.
This dual-product strategy underscores our commitment to providing innovative solutions and consultative services for all lenders and sets the stage for more integration and functionality.
We See AI in Your Future
Dark Matter has deep roots in AI/ML, having worked with these technologies for more than 10 years with the goal of reshaping the mortgage industry landscape with efficient and automated experiences.
Our Predictive AI solutions help take the manual entry out of every loan application. We predict, you verify, and you maintain full control.
Dark Matter’s AI and Automation Assistants for Mortgage Origination enable lenders to harness the power of artificial intelligence, rules engine, and machine learning to automate tasks, reduce cycle times, and enhance processing efficiency. Examples of our solutions include intelligent document management, quality control/post-closing, income and asset workflows, and compliance.
In 2024, lenders used the Aiva® suite of AI virtual assistants, which can be integrated into the Empower ecosystem or work with other LOS platforms, to extract 36 million data labels with 99% service level agreement accuracy. That’s an unprecedented volume and accuracy level, and we’re very proud of that achievement.
This year, we will continue to invest in our AI/ML innovation and integrate AI into more of our products to advance the mortgage industry — and your business — to new heights.
Let’s Talk Servicing
Dark Matter recently entered the servicing space with a scalable, easy-to-configure solution previously known as CMS Servicing.
The Dark Matter servicing solution is a comprehensive solution that delivers capabilities throughout all functional areas of a servicing operation. It has a robust consumer-facing portal, which is crucial because consumers want more direct access to their loan data and self-serve capabilities.
Adding the servicing solution to the Dark Matter lineup fulfills a critical need for many of our clients, allowing them to expand into full or interim servicing to improve profitability, all within the Dark Matter family of solutions. Our plan is to make this industry-proven servicing solution a staple within the servicing space because we believe this integration will be a key driver of profitability for many clients.
As Always, We Listen and Respond
Throughout its history, Dark Matter has focused exclusively on the mortgage space. To be successful, we’ve listened closely to you — our clients — at every step to ensure we are meeting your needs and helping you scale for the future.
With our LOS platforms, AI tools, and servicing solution, we are uniquely equipped to help you choose the right technologies for your current and future needs to advance your business goals. Rest assured that in the coming year, we’ll continue to innovate in-house and alongside our partners to meet your needs.
Brad Vasto, Chief Revenue Officer of Dark Matter Technologies, has worked in the mortgage banking and financial services industries for more than 30 years.