Business is booming.

Can artificial intelligence boost the mortgage industry?


Shay Sabhikhi (pictured top) and Matt Sanchez (pictured top right), co-founder and COO and founder and CTO respectively, of CognitiveScale, spoke with Mortgage Professional America to describe the efficiencies of scale achieved since launching TrustStar, a SaaS-based product designed to provide mortgage companies with AI-powered market intelligence.

Sanchez used an example of AI’s use in lending: “If you were to get a bad decision, let’s say you were denied credit for something, you’d want to know what that decision was based on, of course, as a consumer. And perhaps you might even want to know what you can change to get a better decision. That level of explanation is something we find very important. It becomes more important when you introduce artificial intelligence.”

A growing number of mortgage firms are using AI to weed out bias in appraisals. CognitiveScale aims to push 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 to go trying to figure it all on your own, you’d spend hours researching and calculating things and building modes and try to figure out how to identify opportunities. So that takes time.

“Even when we talk to chief lending officers in organizations, they have the same challenges. They have so much data to deal with and so many things they have to do on the analytics side…it would be really nice if we can deliver those insights on their doorsteps every day. We’re doing a lot of that heavy lifting with data sources that are typically not institution specific. They certainly include information about lots of fin institutions but it’s not internal bank data we’re necessarily looking at. It is things that are outside.”

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