{"id":639,"date":"2024-02-08T18:18:40","date_gmt":"2024-02-08T18:18:40","guid":{"rendered":"https:\/\/20.25.141.96\/US\/?p=639"},"modified":"2024-02-19T12:18:49","modified_gmt":"2024-02-19T12:18:49","slug":"blog-mortgage-lending-process","status":"publish","type":"post","link":"https:\/\/digilytics.ai\/us\/index.php\/blog-mortgage-lending-process\/","title":{"rendered":"Mortgage Processing- Lender Experience Optimization"},"content":{"rendered":"\r\n

Anybody who has applied for a mortgage will typically agree that this is a slow, tedious & often challenging process. This is true not only for the borrower, but also for the mortgage loan origination process \u2013 which is normally a financial institution (i.e., Bank, Lender Broker). On the mortgage originator side, this process is typically nowadays managed by advanced software including POS (point of sale) and LOS (loan origination systems) platforms. To optimize the Lender\u2019s user experience, the software normally interfaces\/integrates with other \u2018AI (artificial intelligence<\/a>) add-ons\u2019 that augments its processing with the benefits that produce faster, smarter & more accurate results and decisions.<\/p>\r\n\r\n\r\n\r\n

This integration is generally provided in two ways:<\/p>\r\n\r\n\r\n\r\n

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  1. The \u2018AI add-on\u2019 can provide its services via an API (Application Programming Interface) \u2013 in simple terms, this is a software-to-software interface, with no easy ability for an individual to \u2018see\u2019 what is being processed.<\/li>\r\n\r\n\r\n\r\n
  2. The \u2018AI add-on\u2019 can provide its services via a UI (User Interface)<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n


    While both above approaches do add an AI element and dimension to the Lender\u2019s overall experience, it is fair to say that the UI approach has certain advantages. These are:<\/p>\r\n\r\n\r\n\r\n

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    1. Optimal Document Management ability<\/li>\r\n\r\n\r\n\r\n
    2. Learning ability<\/li>\r\n\r\n\r\n\r\n
    3. Human-in-the-Loop (HITL) oversight<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

      Let us briefly look at each of these below with respect to the mortgage loan origination process.<\/p>\r\n\r\n\r\n\r\n

      Optimal Document Management<\/strong><\/p>\r\n\r\n\r\n\r\n

      Advanced \u2018AI add-ons\u2019 (that offer a UI-driven solution) typically have the following UI attributes:<\/p>\r\n\r\n\r\n\r\n

        \r\n
      1. Configurable UI elements<\/li>\r\n\r\n\r\n\r\n
      2. Optimized workflows<\/li>\r\n\r\n\r\n\r\n
      3. Core features \u2013 such as Document Comparison & Annotation<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

        Workflows can be optimized based on best practices, time & motion studies etc. to ensure that the Lender is able to carry out their tasks as fast as possible and with minimal effort. This, along with core document management features (e.g., Document Comparison & Annotation) and configurability (i.e., the ability to customize UI components, and the workflow per se) ensures that the software is truly optimizing the Lender User Experience.<\/p>\r\n\r\n\r\n\r\n

        Learning Ability<\/strong><\/p>\r\n\r\n\r\n\r\n

        The more sophisticated \u2018AI add-on\u2019 modules have an inherent Learning Ability. This indicates that the AI (Artificial Intelligence) software brain that powers the module is able to learn from its mistakes and improve its results over time. With every user correction or modification (using the UI) of this module\u2019s output, the AI brain \u2018learns\u2019 and thereby gets more \u2018intelligent\u2019 with time & usage. Hence the AI improves.<\/p>\r\n\r\n\r\n\r\n

        Human-in-the-Loop (HITL) augmentation<\/strong><\/p>\r\n\r\n\r\n\r\n

        AI is not 100% perfect, and most data scientists agree that it never will be. Even with \u2018Learning\u2019, there is often a need for an individual to correct the output of the AI, as and when required. This is called Human-in-the-Loop (HITL) oversight. For this, the AI module gives the Lender the ability to preview a provisional output, and then correct any mistakes that the AI \u2018brain\u2019 might have made. Once these corrections have been made, the finalized output (which will be a combination of the Intelligence of the AI brain, along with some HITL intervention) can be utilized by the Lender, with supreme confidence that what they see is 100% or near 100% accurate. While HITL is technically possible in an API-based solution, the need for a \u2018real-time\u2019 or \u2018near real-time\u2019 response in an API solution dictates that HITL is not natively suitable in an API approach.<\/p>\r\n\r\n\r\n\r\n

        Overall, the above key features ensure that at the Lender, the relevant stakeholders (e.g., Underwriters, Processors, Loan Officers) have an \u2018AI add-on\u2019 that is friendly and easy to use and is optimized for their User Experience. An API-based solution \u2013 while normally easier to integrate with the Lender\u2019s core systems e.g., LOS\/POS – does not offer such benefits. A better User Experience stems from a UI (User Interface).<\/p>\r\n\r\n\r\n\r\n

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        Anybody who has applied for a mortgage will typically agree that this is a slow, tedious & often challenging process. <\/p>\n","protected":false},"author":1,"featured_media":650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[9],"class_list":["post-639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-origination","tag-mortgage-lending"],"_links":{"self":[{"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/posts\/639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/comments?post=639"}],"version-history":[{"count":3,"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/posts\/639\/revisions"}],"predecessor-version":[{"id":756,"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/posts\/639\/revisions\/756"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/media\/650"}],"wp:attachment":[{"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/media?parent=639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/categories?post=639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digilytics.ai\/us\/index.php\/wp-json\/wp\/v2\/tags?post=639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}