Here are the top tech demos from Digital Mortgage 2023

October 4, 2023 4:59 PM

DIGMO 2023 judging.jpg — Will Adams of Innovation Challenge sponsor Lending Tree and judges Julian Hebron, Sue Woodard and Robin Clayton address the audience at Digital Mortgage 2023.

New technology took center stage last week for the innovation challenge at Digital Mortgage 2023 in Las Vegas, where 17 companies unveiled their new offerings in on-stage demos. Before a crowd of judges and potential clients and partners, presenters showed off the tricks of the tools aimed toward easing mortgage processes from customer acquisition to closing.

Tools on display ran the gamut from new loan origination systems to mortgage training programs, with a healthy dose of artificial intelligence thrown in the mix.

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Apart from drawing newfound attention to their tools, cash rewards awaited for a win, place or show, as deemed by a judging panel consisting of Robin Clayton, Julian Hebron and Sue Woodard. The competition was sponsored by LendingTree.

Here is a look at the companies and products featured.

Photos by Jacob Kepler.

Halcyon - First prize winner

Software: IRS Tax Transcripts
Mortgage segment: Underwriting
Presenters: Kirk Donaldson, Lindsey Pfeifer

With direct integration to the Internal Revenue Service that has been approved by Fannie Mae and Freddie Mac, Halcyon provides lenders with the necessary tax transcripts and data to make calculations instantly without the need for human intervention. Halcyon can access the data based off just a single borrower address and is available for multiple types of tax forms of years, including future dates, resulting in cost savings, Donaldson said.

Haven - Second place

Software: Servicing Connect
Mortgage segment: Marketing
Presenter: Jonathan Chao

With the ability to connect into existing systems and servicing tools, Haven's new platform is aimed toward creating efficiencies and recapturing borrowers, Chao said. By meeting borrowers when they come to lenders' websites, companies are able to offer Haven's content library geared around engagement and answering questions about equity and wealth, obtaining first-party data at the outset. Loan officers can subsequently tailor outreach and ancillary campaigns based on the data obtained to hopefully lead existing clients toward a future transaction.

Blend Labs - Third place

Software: Copilot
Mortgage segment: Originations
Presenters: Bryan Knight, Chris Gomez

Blend's new Copilot chatbot tool permits customers to send questions or requests to the loan officer at any time, pushing through an LO app. Through artificial intelligence, the chatbot can automatically run requests and come up with the answers with no human assistance, allowing the loan officer to review the response and send them to the client, Blend's presenters said.

Black Knight

Software: Validate
Mortgage segment: Property valuation
Presenter: John Holbrook

Available either on a mobile app or through a web browser, Validate pulls property information based on the address entered, before it asks borrowers to capture photos of each room of the home being valued. Leveraging AI, Validate analyzes the photos to deliver a report to underwriters and originators on the condition of the property and estimated value within a few seconds. Verification of the accuracy of data and images is provided through GPS data, with the borrower also required to digitally certify the information provided, Holbrook showed.

Blue Sage

Software: Digital Servicing Platform (DSP)
Mortgage segment: Servicing
Presenters: Joey McDuffee, David Aach

The DSP browser-based platform works with any LOS, with Blue Sage expecting to offer full servicing in 2024, McDuffee said. The platform features a user view that can be configured based on their role, with loans searchable through a variety of criteria. DSP is also enabled to streamline servicing transfers and batch processing to import large quantities of loans or other data. Consumers can find information about their mortgage through a consumer portal as well.

CI&T/CMG Financial

Software: Clear 2.0 Opportunity Pipeline
Mortgage segment: Originations
Presenters: Mark Hansen, Paul Akinmade

The point-of-sale system the two businesses offer takes the latest pricing data and provides loan sales teams opportunities to reach out to leads with potential benefits based on current numbers, eliminating the need to utilize an LOS. When combined with servicing data, originators can locate individual borrowers and present in a personalized message specific scenarios for cash-out transactions that provide them with the maximum benefit.

CoreLogic

Software: Digital Mortgage Platform
Mortgage segment: Originations
Presenters: Michael Haar, John Evans

With its platform, CoreLogic showed how it delivers data earlier in the origination process to help loan officers serve their customers faster. The ability to quickly analyze income and inform clients of the fees involved early in the process are two features of the tool, which integrates Roostify's point-of-sale platform into CoreLogic's offering.

Credit Xpert

Software: Credit Xpert Platform
Mortgage segment: Originations
Presenters: Matt Hydrew, Brian Parylak

Credit Xpert's platform is aimed at lenders, providing them with a resource to help qualify more borrowers by getting them mortgage-ready. Using predictive analytics and algorithms that can run simulations, Hydrew demonstrated how the tool creates customizable plans to help borrowers reach a credit-score goal, with a checklist of tasks for them to perform.

DocMagic

Software: TRID Compliance Solution
Mortgage segment: Underwriting
Presenters: Leah Sommerville, Chris Lewis

DocMagic's automated workflow system applies AI technology to document recognition and data extraction, expediting underwriting and quickly identifying whether borrowers are qualified prior to producing a loan detail report. At the same time, it will send warnings when information is missing and flag potential instances of fraud, Sommerville said. The technology also produces data-validation audits that allow underwriters to review forms efficiently and systematically as needed.

Gateless

Software: Smart Underwrite
Mortgage segment: Underwriting
Presenter: David Fulford

Gateless' underwriting begins automating tasks at the beginning of the origination process to ensure compliance with government-sponsored enterprise rules for secondary market sale, thanks to AI-driven character recognition technology. An underwriting portal also allows processors and borrowers to interact with the system in exceptional circumstances, with all data undergoing integrity checks and leaving an audit trail, Fulford said.

LemonadeLXP

Software: LemonadeLXP (Learning Experience Platform)
Mortgage segment: Training
Presenter: John Findlay

LemonadeLXP's training tool attempts to bridge the gap between technology tools and the staff who need to use it, according to company founder Findlay. By turning the training process into game-based learning, LemonadeLXP users earn points upon completing tasks related to learning new skills and can compete against colleagues. At the same time, the platform also provides walkthroughs of how technology tools work, with quizzes to gauge learning. Another feature of the platform is a virtual customer-interaction component meant to build soft skills among lenders' staff and also testing their awareness of their own offerings. The tool is available to assist both internal team members and external vendors or brokers.

LoanSnap

Software: LoanFlow
Mortgage segment: Originations
Presenters: Allan Carroll, Linda Apsley

Using AI, the loan origination system created by Carroll pulls in relevant consumer data with the entry of a customer's name and address and quickly combs through potential products that the borrower qualifies for. After a borrower submits their information, LoanFlow presents originators with a rundown of what information remains to be verified and tasks underwriters need to address before closing the loan.

Ocrolus

Software: Mortgage Dashboard
Mortgage segment: Underwriting
Presenters: John Lowenthal, Rebecca Seward

Ocrolus' dashboard can be integrated with any LOS used today and creates "books" for each loan application to hold documents needed in verification and underwriting. The list of documents is tailored based on the type of loan applied for, with the dashboard able to extract and analyze data after forms are uploaded, Ocrolus' presenters showed. The tool can work effectively in situations where large volumes of information will need to be verified, such as transactions involving self-employed borrowers.

Sonar

Software: Mortgage Experience Platform
Mortgage segment: Originations
Presenters: Anthony Sherman, Randy Sutton

Sonar's cloud-native solution aims to create a one-stop solution from origination to close. In the sales cycle, the platform offers loan officers a landing page to engage with borrowers, with the ability to automatically generate answers to their questions and later allowing them to self generate a pre-approval letter. Once an application is submitted, the system quickly produces necessary forms and worksheets, such as disclosures and closing cost schedules, related to the transaction based on information provided. The platform will also produce an adverse-action letter to be sent to the borrower if a scan reveals any noncompliance concerns, as demonstrated by the presenters.

Total Expert

Software: Customer Intelligence
Mortgage segment: Marketing
Presenters: Frank Taraborelli, Joe Welu

Total Expert's Customer Intelligence platform, which won top honors at Digital Mortgage 2022, has been enhanced to include information about borrowers' availability equity. The data will provide lenders with insights and opportunities needed to drive their marketing and recapture efforts in a lending environment where home values have soared, Total Expert said. With the new capabilities, lenders can identify the best prospects for products, such as cash-out refinances and other home equity loans, among others.

Truework

Software: Truework Income
Mortgage segment: Originations
Presenter: Nikhil Sharma

Netflow makes income and employment verifications natively available within point-of-sale systems, according to Sharma. Borrowers are able to add and correct any of their information directly on the platform before connecting to a payroll source or uploading their own documents, which Netflow also parses. At that point, loan originators can immediately verify the data within their POS platform, with both lender and borrower confident the full financial profile is available to obtain the best terms and rates.

Vesta Innovations

Software: Vesta LOS
Mortgage segment: Originations
Presenter: Zander Steele

Vesta's loan origination system can be configured to execute automated processes, such as document verification, and leave the harder tasks requiring greater expertise to a loan officer. The software helps determine what work needs to be done based on the data within the loan and will update when that information changes. A validation tool within the LOS flags any inconsistencies while working on a task, allowing the user to make corrections as they arise, according to Steele.