Knowledge Coop rolls out an AI assistant for LOs

Knowledge Coop, a mortgage education company, rolled out an artificial intelligence assistant, to help loan officers get answers to their most burning questions about government-backed loans.

For now, the role of the bot, dubbed Cooper AI, is to help professionals access and retrieve information from the Federal Housing Administration and Department of Veterans Affairs guidelines. But there are plans to further expand the scope and utility of the bot by incorporating guidelines for "Fannie Mae, Freddie Mac, USDA, and CFPB laws into Cooper AI's database," a company press release said.

Rules for originating government-backed loans are in a constant state of flux and can create confusion for loan originators. Recent examples include the VA foreclosure prevention solution called the Veterans Assistance Servicing Purchase program and the Federal Housing Finance Agency's capital rule updates.

Cooper AI will help mitigate some of these challenges, the learning hub said in its announcement.

"As soon as AI popped out there, we started grabbing the code to figure out how to make mortgage industry professionals' jobs easier," said Ken Perry, CEO of Knowledge Coop, in a press release. "We trained Cooper AI on FHA and VA guidelines. It's going to answer questions for you, but more importantly it will show you where it got that answer."

Per the company's announcement, Cooper AI will cite specific guideline references, thereby "enhancing understanding and compliance." Only subscribers to Knowledge Coop's content, including its continued education training and industry podcasts will have access to Cooper AI.

According to the company's website, over 15,000 mortgage professionals use its platform, including  mortgage companies such as NFM Lending and Absolute Home Mortgage Corporation.

Other players in the industry including Rocket Mortgage and Beeline have developed chatbots to help borrowers and loan originators during the homebuying process.

In November, Rocket announced it rolled out an AI chat interface in its search engine used by its loan officers, brokers and underwriters to find answers to questions that arise during the loan origination process.