The big interview: How new technology is taking aim at record loan production costs
“A bunch of point solutions that are independently great but don’t work cohesively together only increase cost, not add value, because a human then has to stitch everything together,” he said. “When something is dramatically new and adds a step outside of your normal process, there’s a significant learning curve.”
He said that’s why software solutions that carry the user throughout the loan process are better suited to not only improve efficiencies but drive better ROI as well. They allow companies to really understand where their money is being spent.
“Even with all Dark Matter offers, all in, we’re often less than 2% of what a lender spends on originating a loan,” he said. “It’s staggering where the money is actually being spent: on people and on all the other point solutions that people are buying.”
From doing to reviewing
Dark Matter’s Empower LOS covers retail, wholesale, correspondent, home equity, and assumptions channels, and Rao said the AI tools being built into it are designed to be part of the existing workflow from day one rather than a separate layer on top.
Rao said what AI actually changes in mortgage is what humans are being asked to do, with the work shifting from executing repetitive tasks to reviewing what AI has already completed.
