ICE Mortgage Technology added a new artificial intelligence-powered tool to its arsenal with the offering aimed at navigating compliance challenges.
The mortgage technology arm of Intercontinental Exchange unveiled Ask Regi, which taps into ICE's library of regulatory guidelines and practices, known as Allregs, to answer compliance questions. The Allregs database includes more than a million pages of state and federal laws, regulations, agency guidelines and curated content.
With Ask Regi, users can search for information and receive answers regarding existing regulations by typing in a conversational query or a traditional keyword search. Allregs' responses are quickly returned with sources cited.
"By offering clients a shorter, easier path to answering complex regulatory questions that impact mortgage lending and servicing, we're creating an opportunity for them to use regulatory intelligence more efficiently and effectively when helping households on their homeownership journey," said ICE Mortgage Technology President Tim Bowler in a press release.
Technology experts regularly cite AI's ability to understand conversational, or natural language and instantly parse through complicated rules and documentation as one of the most valuable benefits of the technology. Several emerging fintechs have entered the industry over the past year aiming to address the specific challenges involved with deciphering thousands of pages of regulatory guidelines.
Bowler himself touted AI's efficiency in tying together information from different databases as one of the best use cases for the technology. At the same time, the use of more conversational language was an early defining theme of mortgage AI copilots when they first began appearing on the market in 2023.
Ask Regi is the latest artificial intelligence development for the Jacksonville, Florida-based technology giant, which operates divisions across several aspects of home lending. At the time of approval of ICE Mortgage Technology's merger with Black Knight in 2023, the latter company launched an AI-powered valuation tool called Validate, which can quickly provide property information and images to lenders and servicers, expediting originations for home equity products in particular.
In December, ICE launched a new integration for the Validate app, allowing information to be shared directly to its servicing platform.
