Fostering the Future of Fintech

Blake Gibson is the current EVP and General Counsel at Dark Matter Technologies, where he serves as a key stakeholder in product development as well as the leader of legal, regulatory and compliance functions. In this role, Gibson applies his passions for technology, business, and law to push fintech forward.

In mid-September, Dark Matter Technologies LLC, formerly Black Knight Origination Technologies LLC, was rebranded after it was acquired into the Perseus Operating Group of Constellation Software Inc. According to Rich Gagliano, Dark Matter Technologies' CEO, the organization is on a mission to revolutionize the mortgage origination business by supporting, growing, and aggressively innovating new and existing products including the AIVA artificial intelligence (AI) solution and the Empower Loan Origination Platform.

The meaning of "dark matter" parallels the operating principles of the new company, as scientists believe dark matter is the backbone of the universe, an invisible force that holds galaxies together, connects them and shapes the universe. Dark Matter Technologies aims to be the invisible backbone behind its clients' mission-critical operations. Its highly scalable solutions harness hidden insights, connect seamlessly to advanced capabilities, and propel mortgage origination to new frontiers with unique, market-leading innovations.

Before the rebrand, Gibson served as Black Knight’s EVP, Deputy General Counsel, helping lead the legal teams for Black Knight’s loan origination technologies, secondary/capital markets technologies, and supported Black Knight's innovation projects, including AI, machine learning (ML), and blockchain.

Gibson holds a Juris Doctor degree with a concentration in business and tax from the University of Memphis.

MortgagePoint recently had an opportunity to discuss the current convergence of the tech/mortgage world, and how advancements in AI and ML will foster greater opportunities for lenders and borrowers alike.

Are there any trends in technology you are witnessing being employed by the industry to streamline operations?
Blake Gibson: The industry is trending strongly towards exception-based processing. This approach taps employees to manage exceptions rather than monotonous stare-and-compare tasks. It streamlines workflows significantly by allowing professionals to focus on more complex and strategic aspects of their work.

The industry is witnessing rapid adoption of conversational AI designed for both consumers and lender employees. These interactive tools enhance customer experiences and streamline internal processes, providing quick and accurate information to both ends of the transaction.

As mortgage rates fluctuate, lenders are increasingly exploring non-standard mortgage products and offering flexible options to borrowers. To support evolving needs, there is a growing emphasis on developing software that is adaptable to personalized and customizable housing solutions.

Technology is increasingly supporting the demand for affordable housing solutions by fostering innovative financing options and cooperative housing models.

As artificial intelligence (AI) and machine learning (ML) continue to advance and evolve as everyday tools for the industry, will we ever be able to rely 100% on these tools or will the human touch always be a necessary part of the origination process?
Blake Gibson: Dark Matter Technologies has adopted the maxim, “AI won't replace your job, but someone with AI will.”

AI and machine learning will be crucial in enhancing human capabilities, but they will never displace people entirely.

The mortgage industry has barely scratched the surface of AI and machine learning’s potential, and it will undoubtedly play a transformative role ahead.

What’s in store for the housing market as we enter 2024? What are some of the headwinds that the industry will be faced with in the coming year?
Blake Gibson: Affordability will remain a persistent challenge in 2024. While interest rates are expected to soften, limited inventory and strong demand will support price growth. Together, these factors will limit purchase growth and pose challenges for many potential homebuyers to enter the market.

With the increasing digitization of the mortgage process, safeguarding sensitive borrower information against cyber threats is a growing concern. Industry players must invest in robust cybersecurity measures to protect against potential breaches.