5 AI mortgage tools that have launched post-ChatGPT
May 12, 2023 4:55 AM
As artificial intelligence continues to make waves both in and out of the business world, technology companies involved in home finance are launching a number of tools that aim to capitalize on its potential to create more sophisticated efficiencies than automation tools to date have provided.
In the last two months,Redfin and Zillow, the housing market's leading online real estate brokers both introduced plugins to OpenAI's ChatGPT, and a marketing platform incorporated the chatbot in its customer-relationship management system to improve client interactions.
But they are not the only ones jumping on the fast-moving AI train. Here are five other developments at the intersection of home finance and artificial intelligence to keep an eye on.
In the last two months,
But they are not the only ones jumping on the fast-moving AI train. Here are five other developments at the intersection of home finance and artificial intelligence to keep an eye on.
Restb.ai forms partnership with Black Knight for image processing
Restb.ai, a Barcelona- and Dallas-based startup providing high-tech visual solutions to the real estate industry, recently announced an agreement to integrate its photo compliance tool with Black Knight's Paragon multiple-listing service. Restb.ai, which evaluates logos, watermarks, license plates, people and more, specializes in creating tags and automatically generating property photo captions and descriptions for listings services and websites and can also detect misuse, the company said.
In a separate announcement, Restb.ai also said it had integrated its property tagging tools with Georgia MLS, the state's largest real estate listing service. The technology firm says it processes more than 1 billion images monthly, while ensuring property listings displayed on MLS and broker and agent websites are compliant with the American Disabilities Act.
In a separate announcement, Restb.ai also said it had integrated its property tagging tools with Georgia MLS, the state's largest real estate listing service. The technology firm says it processes more than 1 billion images monthly, while ensuring property listings displayed on MLS and broker and agent websites are compliant with the American Disabilities Act.
Areal introduces data updating tool to ensure TRID compliance
Los Angeles-based no-code automation platform Areal unveiled a closing disclosure balancer, meant to ensure data alignment across required paperwork needed for mortgage settlement. The company, whose products extract data from forms and integrate the information with other tools in the closing process, said its new software can flag mismatches on disclosures and highlight the changes, before sending them back to all systems in use. It also ensures compliance with the Truth in Lending Act.
"Different systems in use by the lender and its title agency partners means that the data that ends up on the closing disclosure doesn't always match," said Areal CEO Argun Kilic. The tool will work with any lender or title company, and its technology can understand over 1,400 document types, Areal claims.
"Different systems in use by the lender and its title agency partners means that the data that ends up on the closing disclosure doesn't always match," said Areal CEO Argun Kilic. The tool will work with any lender or title company, and its technology can understand over 1,400 document types, Areal claims.
Tavant to launch new analysis capabilities, enters into partnership with Propmix
Santa Clara, California-based fintech and lending solutions provider Tavant recently announced the addition of a new asset analysis tool to its AI Touchless Lending platform, allowing it to provide complete coverage of all major components used in mortgage underwriting. It will automate asset and bank statement review to ascertain availability of funds to cover all transactions in mortgage origination and closing. Artificial intelligence models within the asset analysis tool will also detect and identify anomalies or undisclosed information within documents. The asset analysis tool will be available to customers beginning in late June.
Previously, Tavant had also announced a new partnership with real estate valuation platform Propmix. The integration of Propmix's appraisal digitization processes within Touchless Lending will enable Tavant to convert appraisal PDFs into industry-standard XML, or programming language. Customers will be able to process scanned PDFs with no manual interventions.
"This partnership helps Tavant vastly improve (and for some cohort of loans, remove) the underwriters' loan review process within the Touchless Lending loan manufacturing pipeline," Mohammad Rashid, head of fintech innovation at Tavant.
Previously, Tavant had also announced a new partnership with real estate valuation platform Propmix. The integration of Propmix's appraisal digitization processes within Touchless Lending will enable Tavant to convert appraisal PDFs into industry-standard XML, or programming language. Customers will be able to process scanned PDFs with no manual interventions.
"This partnership helps Tavant vastly improve (and for some cohort of loans, remove) the underwriters' loan review process within the Touchless Lending loan manufacturing pipeline," Mohammad Rashid, head of fintech innovation at Tavant.
Ocrolus adds OpenAI capabilities to automated document processing
Ocrolus, the New York-based technology firm serving mortgage and other lending businesses, announced it started utilizing OpenAI alongside other extraction tools to assist in the automation of document data extraction.
The companywill leverage OpenAI embeddings with its own in-house technology and subsystems from Google and Amazon to obtain information from the data-rich documents lenders require, such as bank statements and paystubs. The company also will use the results obtained from the prior processing millions of forms to improve algorithms within its own system.
"What we found is that OpenAI is better at contextualizing some of the more challenging semistructured and unstructured documents compared to Google and Amazon," said CEO Sam Bobley in an interview.
"Mortgage bankers and banks want this new type of technology. In order to really implement it, you need to have a waterfall approach," he said. Bobley added that Ocrolus is aiming to utilize OpenAI to build a chat function into its client dashboard later this year.
The company
"What we found is that OpenAI is better at contextualizing some of the more challenging semistructured and unstructured documents compared to Google and Amazon," said CEO Sam Bobley in an interview.
"Mortgage bankers and banks want this new type of technology. In order to really implement it, you need to have a waterfall approach," he said. Bobley added that Ocrolus is aiming to utilize OpenAI to build a chat function into its client dashboard later this year.
Radian rolls out AI-backed home search portal
Homegenius, a subsidiary of mortgage insurance company Radian, recently released a new home search portal, backed by AI capabilities. Using solutions adapted from the driverless car technology, homegeniusIQ will analyze photos in home listings to help consumers in the home buying process assess room conditions and value.
