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The Future of Digital Mortgages Comes into Focus with the Digital One Office.

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A new technology that blurs the boundaries between front and back offices is changing how we think about the mortgage process.

By Jill Jones, Vice President of Marketing, AI Foundry 

Cast your mind back five years. Did these words have any meaning to you? The cloud, artificial intelligence, blockchain, robotics, quantum computing, augmented reality, internet of things.

Some of them would have been vaguely familiar, via the realms of science fiction, but many of them did not exist in any shape or form. Today, these technologies are all around us and are reshaping the ways in which we live and work.

The rate of change is staggering, and the advances that are made possible via these new technologies mean that it’s no longer feasible for businesses to try and ignore them and carry on as before. Traditional operations cannot compete without these new tools. Everyone is being forced to adapt.

The lending and mortgage industry has been resistant to change, but following the breakout success of a few key players, such as the Quicken Loans from Rocket Mortgage, the floodgates were opened, and new ideas came pouring out.

AI Foundry’s Agile Solutions for a Digital One Office is one such technology that is leading the way. It treats data as the centerpiece of everything that a financial service provider must offer, automating and integrating process to streamline and simplify the operation. 

Digital data is everything

The reasons for driving this transformation are crystal clear: Working with high-quality data dramatically improves the customer experience, while lowering costs, enabling better products and improving overall margins.

Consumers now live in a world where almost anything can be achieved via the touch of a few buttons. Why would they not want that same level of service with a mortgage? "First-time homebuyers want to understand what they qualify for, so they can start making offers with confidence. Real estate agents want verified approval from potential homebuyers. We've learned that and leveraged the technology to roll out those things," Regis Hadiaris, executive director of Rocket Mortgage at Quicken Loans. explained to National Mortgage News.

The simple fact of the matter is that manual-driven processes cannot compete with the sophisticated level of automation currently available in the marketplace. Machine learning and automation provide a faster, more accurate process and the progress is undeniable. The Digital One Office offers a single, agile solution that leverages AI and machine learning to maximize the value of digital data.

Lenders in 2018 are putting greater emphasis on offering borrowers self-service options and advancing their use of data and analytics by more widely adopting automation and machine learning capabilities.

And this is only the beginning.

There is still so much room for growth in the digital mortgage space. In 2017, 30% of mortgage applications were handled digitally, according to the Javelin Report on Digital Lending Trends, and that number is set to increase year-on-year as the sophistication of the tools available grows and consumers become more comfortable using this new technology.

Making your mortgage data smarter

The key to successful digital mortgages lies in access to high-quality, accurate data. Banks and lenders cannot waste time and money on correcting bad data. The data must be complete and reliable from the moment it enters the system. With so much decision-making reliant on that data, it’s vital that it is accurate.

With AI Foundry’s Agile Mortgages solution, inconsistent information is flagged during the mortgage application process so that the information is corrected even before the application is submitted.

Accenture Technology recently reported on a study which estimated that “97 percent of business decisions are made using data that the company’s own managers consider of unacceptable quality.” That’s a huge threat to the very foundations of a data-driven business. While businesses are spending large sums on how they manage their data, it’s equally important to focus on the incoming data and ensuring it is of the highest quality.

The best processes in the world mean nothing if the data itself is not solid.

The idea of data veracity is gaining traction at a time when more and more lenders rely on third-party data in their decision-making processes. With data being pulled from so many sources, it gets harder and harder to verify it once it’s in the system.

Making sure you’re working with the best data available is critical. But once you have that data, then extracting it from a document and quickly inserting it into the correct systems is another vital component of this work.

Automating work to achieve digital scale

The successful implementation of leading-edge solutions that deliver the ability to break down the artificial boundaries between front and back offices and transform then entire organization results in the creation of the Digital One Office.

For banks and lenders, the Digital One Office is built on key insights which, when taken together, promise to deliver effective automation like never before.

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  1. Knowledge-driven processes. Documents are always part of larger business processes. The technology needs to grasp the context around a document and then extract and store the data from that document accordingly. Our software captures and stores process metadata easily which results in better processing efficiency and better processed data.
  2. Robotic agent automation: Traditionally, the mortgage process is an extremely manual procedure involving multiple roles. We utilize automated knowledge-driven software to evaluate compliance, integrity and completeness of documents in real-time, as part of data processing. This has a number of valuable consequences, including an increase in concurrency and a reduction in the need for manual resources, as well as marked improvement in accuracy and efficiency.  
  3. Workflow flexibility: Rigid pipelines within an organization can cripple the value of data and are difficult to integrate into business processes. Agile mortgages solve this problem by using a model-driven, task-based approach that provides welcome flexibility.
  4.  Next-generation classification, extraction and analysis
    Organizations are growing disillusioned with simple optical character recognition (OCR) software which has been in the market for many years with few advancements in its core functionality. They want something more from the software that gathers their data. They’re looking for a state-of-the-art text processing pipeline that relies on machine learning for its skill.

Agility. Collaboration. Real-time action delivered.

The wealth of tools described above are powering a revolutionary new way of delivering 21st century mortgages. While there is a fair amount of complexity ‘under the hood’, those processes are not experienced by the consumer. Instead, the technology does the work to deliver a simple, fast and frictionless loan application experience that aligns neatly with many of the digital tools that people use to manage their daily lives.


By employing a single, end-to-end solution, users reduce time on ‘stare and compare’, improve accuracy, and reduce risks. Ultimately, AI Foundry’s Agile Mortgages solution can cut the time it takes to close a loan in half. Waiting for a reply when applying for a home loan is a stressful affair for anyone. By taking out much of the guesswork and speeding up the entire process, AI Foundry is providing clarity and accuracy that is a game-changer for the industry as a whole.

Try the Augmented Reality Experience from AI Foundry

Download the new AI Foundry app to view our new augmented reality experience showcasing how AI Foundry can help create the one office for future-ready and frictionless mortgages. 

With the app scan this image to unlock the AI Foundry AR experience.    

The AI Foundry app is available in the The Google Play Store for Android and the Apple App Store for iOS.