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AREAL.ai has published a new White Paper entitled, “A Final Solution to the Mortgage Automation Problem," with the conclusion that AI offers the promise of finally making real mortgage automation possible for lenders, allowing them to reach their goals.
“Good technology exists in the industry today, but a complex mortgage business has made it impossible for any technology platform to completely replace humans. That’s costing lenders too much today in every department,” said Argun Kilic, CEO of Areal. “Fortunately, new AI-powered technologies are allowing lenders to complete their work without having to maintain today’s high staffing levels. Even better, these new tools work with the legacy technologies that lenders have already purchased, protecting them from loss on sunk technology costs.”
AREAL understands these new tools and has been delivering AI-powered products that are saving lenders and title companies hundreds of thousands of dollars each month.
The key, according to Kilic and the company’s new paper, is that any new technology must be capable of delivering in four specific areas:
- Smart task automation
- Built-in data authentication
- High processing speed
- A flexible API-based architecture
Anything less than this will not be capable of removing human staff from the process and will kill any efficiency the lender hoped to see, according to experts. On the other hand, AI is capable of filling this role. When it does so, lenders see a clear return on investment in a very short time frame.
“Lenders know quite well where the friction in their current origination process is still causing them trouble,” Kilic said. “All of these processes tend to be paper-heavy. Human staff are required to identify the documents and pull data from them. This is no longer necessary.”
Kilic revealed that Areal clients are now using its solution point to a 3X to 5X return and forecast hundreds of thousands to millions in annual savings by letting AI deal with the paper and tasking the human staff on more important things.
To read the full release, including more data and methodology, click here.
