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Innovation Challenge from Digital Mortgage 2024: what you need to know

ByAndrew Martinez
September 19, 2024 11:16 AM
Demo judges 2024.JPG
Innovation Challenge 2024 judges, from left: Vice President of Distribution, Single-Family Acquisitions at Freddie Mac Christina Randolph, Director of Performance Marketing at PRMG Robin Clayton and Founder of The Basis Point Julian Hebron.
Robyn Gaito/The Basis Point

Technology firms are ready to walk lenders through the refinance boom with a slew of artificial intelligence-powered solutions. 

Twenty mortgage and technology companies showcased their innovative products earlier this month in San Diego at the Digital Mortgage 2024 Innovation Challenge, which was sponsored by Lending Tree. Presenters had eight minutes to demo their products before a crowd of potential customers and judges in a competition for the $10,000 LendingTree Innovation Award. 

Judges were Julian Hebron, founder of the Basis Point; Robin Clayton, director of performance marketing at Paramount Residential Mortgage Group; and Christina Randolph, vice president of seller distribution at Freddie Mac. Will Adams, Lending Tree senior vice president and head of sales, also presided. 

Tools ranged from AI-powered point-of-sale, loan origination system and customer relationship management solutions, to unique training tools and inventive servicing solutions. 

National Mortgage News looks at the competition and their solutions, and the takeaways from judges. 

Tavant

Product: Home Equity in a Box
Mortgage segment: Originations
Presenter: Hemanthkumar Jambulingam

The familiar company, which processed nearly a quarter of all mortgage loans in the country last year, described its home equity solution which can process and underwrite such loans in 2 hours or less. The tasks are a part of Tavant's proprietary Touchless Lending AI-driven lending-as-a-service platform. Judges were intrigued but wanted to see an actual demonstration by the competitive industry player. 

Flatworld Solutions

Product: MSuite
Mortgage segment: Originations
Presenters: David Antony, Vish YR

The mortgage automation engine includes a suite of functions, from indexing, versioning, data extraction, checklist review and runs on MSuite's rules engine. The platform quickly highlights relevant portions of documents at a user's behest. MSuite also includes Clair, a virtual assistant, whose responses include follow-up suggestions similar to Google's Gemini. The program includes timers, which judges said can help lenders track efficiency.

EarnUP

Product: AI Advisor
Mortgage segment: Consumers
Presenters: Erik Garcia, Manish Garg

Earnup uses AI to guide customers on their financial health. Mortgage borrowers can easily view their financial profile and can ask AI Advisor for advice, such as how to increase a credit score. AI Advisor also follows on each answer with further explainer text. The tool can also notify lenders when customers hit better financial benchmarks, Garcia and Garg showed.

Optimal Blue

Product: CompassEdge
Mortgage segment: Capital markets
Presenter: Richard Wigton

The offering from the capital markets platform creator gives users a comprehensive look at their hedging and loan trading operations. A Profitability Assistant explains to users the daily movement of gains or losses in a company's pipeline, akin to assessments by veteran capital markets professionals. The software also has a trade assistant, displaying information down to the coupon level to identify cheap and efficient trades. Compassedge presents a strong visualization of capital markets activities, judges said.

Guideline Buddy

Product: Guideline Pro
Mortgage segment: Originations, training
Presenters: Marc Hernandez, Han Oksuz

The platform, a generative AI chatbot, is intended to help mortgage professionals understand federal underwriting guidelines that, across numerous agencies, are equivalent to 150 hours of reading time. Users can obtain answers to complex loan scenarios, and Guideline Pro references the specific portion of underwriting guidelines from which the answer came from. Judges appreciated the firm's plans to make the software free, a move that would further train the AI.

Matic Insurance Services

Product: Embedded home insurance marketplace
Mortgage segment: Insurance
Presenters: Tony Farnsworth, Todd Norton

Lenders can embed homeowner's insurance shopping into their systems and deliver offers to borrowers throughout the homebuying process. Farnsworth and Norton described the quote process similar to Expedia, where consumers can easily view coverage details. Matic has a proprietary rating engine to calculate pricing, and has a network of over 40 top-rated carriers. Matic's software is especially relevant amid costly insurance hikes across the country, according to judges.

Finastra

Product: Mortgagebot
Mortgage segment: Originations
Presenters: Chris Fitzpatrick, Patrick Quast

The tech firm's loan origination system can be accessed on tablets, and promotes a streamlined user experience. Originators can configure their pipeline view to their preference, and can process uploaded documents via an integration with LoanLogics. Judges said the LOS pulls together a unique mix of processes.

Mira Labs Ai

Product: MIRA
Mortgage segment: Originations
Presenters: Suketu Gaglani, Bhagavath Bodagala

Mortgage Intelligence Resource Assistant, or MIRA, is an AI-powered POS and LOS, allowing both consumers and LOs to log in. Borrowers can access an AI chatbot, which explains questions about the mortgage process, while showing users the source and link to the answer. The company's AI performs many pre-underwriting tasks such as document extraction. The chat does a good job of explaining complicated mortgage guidelines to borrowers, judges said.

LemonadeLXP

Product: LemonadeLXP
Mortgage segment: training
Presenter: AJ Pratt

The company designs its training software like addictive social media games, Pratt explained. Like a mobile game, users earn points for completing training tasks and can stack their scores against colleagues. The education function also extends to a financial institution's customers, allowing financial institutions to set up video and audio presentations. The platform represents a strong use of AI, judges said, and can be impactful for financial services firms. 

Ingenius

A mortgage analytics and recruitment product, Growth Multiplier allows mortgage firms to view a loan officer's full origination data. The vast information integrates with a company's CRM, displays LO and real estate agent contacts, and can help originators recruit and realize their refi opportunities. Judges were intrigued by InGenius' data gathering and presentation.

Ardley Technologies

Product: Ardley's Actionable Data Intelligence (ADI)
Mortgage segment: Originations, servicing
Presenters: Nate Den Herder, Haley Rader

The company's portfolio analytics tool allows servicers and MSR holders to view high-level snapshots of the number of borrowers eligible for various loan products. A simple interface displays the geographic distribution, and total loan volume of such eligible loans. Ardley also displays a Multiple Listing Service snapshot of properties listed in a portfolio, and their combined value. Judges lauded the big board view and customizable framework. 

CoreLogic

Product: AutomatIQ Borrower
Mortgage segment: Underwriting
Presenters: Sri Gajjala, Jason Hale

The software from the prominent property analytics firm analyzes a borrower's income, assets and liabilities, and allows originators and underwriters to source all verifications. An underwriter can push the analyses back into their LOS. Judges enjoyed the platform's visual appeal. 

DocMagic

Product: Total eClose
Mortgage segment: Originations
Presenter: Ron Carrillo, Leah Sommerville

The prolific mortgage tech provider demoed its console for remote online notarizations. A notary and borrower can quickly login and have a video call also accessible via mobile phone. A recording automatically begins, and the software can auto-scroll through documents to speed the process for the parties. It also features a "countdown to closing" timer. Mobile access appeared very seamless, and the platform is easy to view, according to judges. 

Docutech

Product: Solex
Mortgage segment: Originations
Presenters: Sandeep Gupta, Jamie Mottern

The solution from the First American Financial Corp.-owned company provides lenders with e-sign, e-close and e-vault services within the same program. Lenders are notified of closing updates at each step, and parties in the transaction can log-in to perform the short-lived tasks as a guest, without creating a Docutech account. When it's time to close, borrowers can scan a one time QR code to enter an e-closing. The easy login and streamlined user experiences drew praise from the panel. 

Mortgage365

Product: Mortgage365
Mortgage segment: Originations
Presenter: Joey Revier, Jason Smith

The single-screen platform organizes tasks in an easy-to-access hub and gives a loan origination team a live view of their pipeline. Within Mortgage365, loan originators can call, text or email borrowers and present them with loan scenarios for multiple properties. The desktop and mobile-access pages don't display personally identifiable information, and the software can auto-draft pre-approval letters. One judge lauded the product for allowing loan officers to perform multiple tasks in the same program. 

Sagent

Product: Dara Loss Mitigation
Mortgage segment: Servicing
Presenter: Bart Bailey, Jennifer Johnson

The company's loss mitigation tool guides borrowers through a simplified application process to secure payment relief. Borrowers upload bank statements, and Sagent's AI can detect any anomalies in the documents. A rules engine makes a decision on a borrower's application within minutes and provides the user a concise summary of their repayment options. Dara's speed and population of financial data from document uploads is helpful to alleviate the stress associated with a loss mit application, judges said. 

Ocrolus

Product: Ocrolus
Mortgage segment: Underwriting 
Presenter: Rebecca Seward, director of product

The company claims its AI-powered document extraction software can reduce the number of touchpoints an underwriter reviews from hundreds of data points to fewer than 100. Ocrolus said its Classify, Capture and Analyze tools have over 99% accuracy, regardless of the quality of documents, and analyzes consumer cash flows for any fraud. Judges were pleased with the software's answer to underwriter queries, in which the platform zooms in and highlights numbers in question. 

Tied for second place: Haven

Product: Haven Wallet
Mortgage segment: Servicing
Presenters: Brian Milner, Jonathan Chao 

Last year's Innovation Challenge runner-up pleased judges with its consumer-friendly software easing transitions when mortgage servicing rights are moved. Borrowers undertake a one-time setup to pay their home loan and Haven, integrated with servicers, removes for homeowners the hassle of setting up payments with new servicers following MSR transactions. The mobile-friendly tool allows lenders to maintain relationships with their clients and present further financing opportunities. 

Tied for second place: Inflooens

Product: Inflooens
Mortgage segment: Originations
Presenter: Amit Ghole, George Milian

The Salesforce-bolstered end-to-end platform includes CRM, POS and LOS capabilities for mortgage professionals. Loan officers can assign dialer and email campaigns from Inflooens and track applicant information and interaction details. Judges were impressed with the company's combination of origination tools into the product.

First place: Kastle

Software: Kastle
Mortgage segment: Servicing
Presenters: Rishi Choudhary, Nitish Poddar

The young startup provides AI voice and text agents for servicers, in an effort to reduce their call center expenses. Kastle scores each call and audits for AI agents hitting sales scripts, which are editable. Call analysis also details the decision-making behind AI responses. It also tracks call intent, whereas live agents may not always define the reasons why a consumer called. Judges were impressed with AI agent "Jerome Powell" during Choudhary's live phone call, particularly with its natural-sounding conversation.
Andrew Martinez
Reporter, National Mortgage News
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