Mortgage

Can artificial intelligence boost the mortgage industry?

Can artificial intelligence boost the mortgage industry?
Written by Publishing Team

Shai Subkhikhi (top image) and Matt Sanchez (top right), co-founder and chief operating officer, founder and chief technology officer respectively, of CognitiveScale, spoke with Mortgage Professional America to describe scale efficiencies achieved since the launch of TrustStar, a SaaS-based product designed to provide Mortgage companies with market information powered by artificial intelligence.

Sanchez used an example of using AI in lending: “If you’re going to receive a bad decision, say you’re denied credit for something, you want to know what that decision was based on, of course, as a consumer. And you might want to see what you can change to make a better decision. This level of interpretation is something we find very important. It becomes even more important when we introduce AI.”

An increasing number of mortgage companies are using artificial intelligence to eliminate bias in valuations. CognitiveScale aims to advance its AI product, primarily to make the workload more efficient for mortgage professionals.

“Number one, there’s a lot of data,” Sanchez said. “If you were trying to figure out everything on your own, you would spend hours researching, calculating things, building patterns, trying to figure out how to identify opportunities. So that takes time.

“Even when we talk to senior lending officials in organizations, they face the same challenges. They have a lot of data to deal with and a lot of things they have to do on the analytics side… It would be really great to be able to bring these insights on their doorstep every single day. Day. We do a lot of this heavy work with data sources that aren’t usually a private institution. It certainly includes information about a lot of financial institutions but it’s not internal bank data that we’re necessarily looking at. It’s the stuff out there.”

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