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Alexa, Get me a Mortgage

Is it so simple that a North Dallas firm could bring artificial intelligence to the mortgage lending space?

One way the industry can utilize emerging Fintech is through machine learning, which a Stanford University course description describes as, “the science of getting computers to act without being explicitly programmed.” It uses the process of stream-lined data mining to analyze large sets of information in order to determine patterns without the hands-on approach of a person. This has every-day practicality in self-driving cars, speech recognition—such as Alexis and Siri—and even search engines and GPS.

The mortgage industry has taken notice. Unisource, a national title and escrow company has been implementing machine learning to reduce costs in the production of documents and reports, as well as expediting the loan origination process, according to a recent interview by Forbes with Unisource CEO Michael Cohan. On the servicing side, the company uses machine learning to keep up with increasingly complicated compliance standards across the nation.

“In the next 3-5 years, there’s going to be a relatively smaller number of providers. Those that remain must adapt to better processes, such as going entirely electronic, in order to stay competitive both operationally and cost offerings. Besides, state and federal regulations are becoming more and more difficult every year. The more digital title and escrow companies get, the more streamlined they will be when it comes to stricter compliance.”

The future opportunities could be endless. Imagine originating a mortgage with a short series of questions? Or securing a valuation service, a refinance, or reviewing buying patterns or the latest trends with nothing more than a verbal command.

The future is exciting, indeed.

About Author: Joey Pizzolato

Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email joseph.pizzolato@thefivestar.com.
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