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Increase Productivity by 100%
In 2023 MOZAIQ released the AI-Powered Appraisal Analyzer solution, built on top of the industry-leading Checkpoint Audit Platform. The Appraisal Analyzer validates a subset of a loan’s mortgage documents, including Appraisal Reports, Title Reports, Purchase Contracts, Flood Certificates, SSRs, and more, utilizing artificial intelligence (AI) and customizable business rules to aid underwriters in conducting a thorough analysis of the loan’s appraisal, enhancing the efficiency and accuracy of the appraisal review process for any mortgage lender.
Convergence of Mortgage and AI
This article will highlight what the expectations are for the mortgage market in 2024, will identify the top trends in Artificial Intelligence (AI), including Gen-AI, and then will merge the two to show how AI can be leveraged in mortgage banking use cases.
3x Volume in a Quarter of the Time
In today’s mortgage economy and its heightened competitive environment, it is important for lenders to maximize efficiencies, lower costs and maintain the highest standards of loan quality. And, it’s important that they effectively deploy and utilize their underwriters.
Why? Because underwriters are valuable resources, and the underwriting function one of the most expensive functions in the loan fulfillment lifecycle. Not to mention that long underwriting turn times have a negative impact on both the cost of originating a loan and customer service.
And, mistakes during the underwriting process directly impact loan quality, which in turn impacts the bottom line and reputation of the lender if too many low quality loans are transferred to GSEs, like Fannie and Freddie, and rejected.