Mortgage Tech - Machine Learning, the new trend!
Mortgages are complicated. Professionals who have worked in this industry or borrowers who in the past have gone through the mortgage process will agree to the fact that the mortgage process is often full of errors and data gaps. There are multiple pain points and it takes months to complete. Starting from budgeting, finding a broker, finding a lender, preparing the financials, loan underwriting, approvals, inspection, final approval, closing and so on... it is a roller coaster of time. The good news is that it is all about to change. The mortgage industry is plagued with inefficiencies and machine learning can only relieve all the involved parties from headaches involved in the process. This is the prime reason why the mortgage industry is now showing a very high inclination towards adapting to machine learning.
Introducing Machine Learning
Many might not be aware, but machine learning is already being implemented and adopted in our everyday lives. Facebook, Amazon, Google, Apple, and many others are using machine learning in their algorithms. By identifying an individual's browsing pattern, companies are using it to place their products, understand the customer behavior, engage the customer, predict future buying habits, and a lot more! As more and more data gets captured, the predictions get better.
Finance and mortgage industry are also embracing this technology. Machine learning will bring in the efficiencies and insights that will transform this space completely. It may be a borrower, broker or a lender; the entire mortgage cycle will become simpler and easier. Machine learning will make data extraction intelligent and automatic. With opportunities to leverage this data, mortgage professionals can not only create a more personalized experience but also reduce costs.
Increasing Appetite for Commercial Real Estate
2017 is witnessing an increased investor activity in CRE, leading to increase in loans as well as financing options to these investments. If we go by the year starting forecasts of the Mortgage Bankers Association, $515 billion of lending activity was predicted for this year. On the same hand, if lenders write the volume that the MBA expects, the total universe of commercial mortgages should top $3 trillion by the end of this year. This figure is predicted keeping factors like general economic conditions, interest rates, and how attractive commercial real estate will remain for investors. The predictions clearly indicate that the appetite for CRE is increasing, especially in pockets of the U.S. While the demand is increasing, the sad part is that deals are taking a longer time to close. One out of many reasons for the same is the manual loan underwriting.
Clik.ai - Bringing machine learning & automation in the mortgage industry
Fast and mortgage were the terms that never went together. Now, thanks to data integration, machine learning, and innovation; Mortgage tech is here and the industry's efficiency will increase tremendously. Clik.ai is the CRE analyst on the cloud, which has combined machine learning with cloud computing. By introducing efficiency, speed and cost-effectiveness; the outcome is reduced mortgage data gaps and accurate results within minutes!
Real estate investment is one of the most important decisions of an individual's life and Clik.ai is making the entire process transparent and less complicated. The Clik.ai platform has abilities like intelligent document ingestion and recognition, delivering instant loan packages, deal tracking, document management and cloud storage, loan analysis, etc. It is to help all the three parties (borrowers, brokers as well as lenders) to take advantage of the intelligent data flowing through the system and make decisions based on real-time insights. So get used to getting things done quickly as Clik.ai has laid the roadmap for automation in loan underwriting.