Closing Time: Learning Lessons From AI - MortgageOrb


CLOSING TIME: In the classic sci-fi film "2001: A Space Odyssey," two astronauts find their lives in jeopardy when an onboard ship computer thinks it is smarter than the humans that built it and takes over their space mission. A central concept to the story was the danger of artificial intelligence (AI), capable of out-thinking and possibly overtaking its human creators.

Is AI making credit scores better, or more confusing?


A consumer's credit score used to be a commonly understood number -- the time-honored FICO score -- that banks all used in their underwriting. But banks increasingly are relying on dozens of scores that reflect a variety of data sources, analytics and use of artificial intelligence technology.

Countrywide Loan-Underwriting Expert System Talebzadeh

AITopics Original Links

Countrywide loan-underwriting expert system (clues) is an advanced, automated mortgage-underwriting rule-based expert system. The system was developed to increase the production capacity and productivity of Countrywide branches, improve the consistency of underwriting, and reduce the cost of originating a loan. The system receives selected information from the loan application, credit report, and appraisal. If the system approves the loan, no further review is required, and the application is funded.

AI and the future of the mortgage industry


The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings.

Habito Weekly: The dawn of a new era – hey habito


We were inspired this week by author Tom Chatfield's article in the Guardian on how Technology is killing the myth of human centrality, where he described robots as: "Tireless, infinitely patient, endlessly consistent -- our creations measure up in ways we can only dream of." That accurately defines how we believe the role technology -- and more specifically Artificial Intelligence -- plays in our lives. If we can embrace our own shortcomings as humans and build the tools that fill that gap, we will only become stronger and more efficient.

World's First AI Mortgage Advice Chat Bot Fintech Schweiz Digital Finance News - FintechNewsCH


UK tech startup, habito, has launched the world's first artificially intelligent Digital Mortgage Adviser (DMA) allowing millions of consumers to discuss their mortgage needs from any connected device, 24/7, without requiring a human broker.

Custom DU: A Web-Based Business User-Driven Automated Underwriting System

AI Magazine

Custom DU is an automated underwriting system that enables mortgage lenders to build their own business rules that facilitate assessing borrower eligibility for different mortgage products. By means of the user interface, lenders can also customize their underwriting findings reports, test the rules that they have defined, and publish changes to business rules on a real-time basis, all without any software modifications. The user interface enforces structure and consistency, enabling business users to focus on their underwriting guidelines when converting their business policy to rules. Using Custom DU, lenders can create different rule sets for their products and assign them to different channels of the business, allowing for centralized control of underwriting policies and procedures--even if lenders have decentralized operations.

Automating the Underwriting of Insurance Applications

AI Magazine

An end-to-end system was created at Genworth Financial to automate the underwriting of long-term care (LTC) and life insurance applications. Relying heavily on artificial intelligence techniques, the system has been in production since December 2002 and in 2004 completely automates the underwriting of 19 percent of the LTC applications.