Industry Watch: Lenders and vendors alike invest in AI and more

Industry Watch: Lenders and vendors alike invest in AI and more

industrywatch7.22-26

Mr. Cooper has purchased Flagstar Bank’s mortgage servicing operation for $1.4 billion.

Guild Mortgage recently added a new artificial intelligence (AI) system, dubbed “GuildGPT,” to its list of emerging technology tools. Built in-house and customized for Guild employees and integrated into Guild’s knowledge database, team members can access the AI assistant for instant delivery of customized information on company products, guidelines and product-related questions. Since its launch in June, nearly 2,000 of Guild’s employees have taken advantage of the time-saving tool, and it has helped answer more than 20,000 questions asked by team members.

CMG Financial is the latest lender to adopt FICO Score 10T, the credit analytics company’s latest credit score model. According to FICO, FICO Score 10T can enable an originations increase of up to 5% without taking on additional credit risk and can reduce default risk and losses by up to 17%.

HouseCanary has announced the beta launch of CanaryAI, a conversational AI tool designed to chat with anyone who may have questions about the real estate space. CanaryAI then enables them to query HouseCanary’s data and analytics platform, accessing accurate and up-to-date information on more than 136 million U.S. residential properties. HouseCanary is launching CanaryAI in beta with a waitlist to join, which will transition into a premium offering later in the year.

CoreLogic and income verification solutions provider Halcyon have announced a new collaborative alliance which “aims to revolutionize the income verification process in the lending and mortgage industry,” according to a release. Through this alliance, CoreLogic will offer Halcyon’s Tax Wallet product, integrating its advanced income verification capabilities with CoreLogic’s extensive suite of services.

Infrrd, a provider of AI-driven document processing solutions, has debuted MortgageCheckai, a platform designed to expedite pre-fund and post-close loan audits for mortgage lenders and servicers. According to Infrrd, the product helps speed up loan reviews without sacrificing accuracy, “reducing the manual review of loan documents by at least 50%.”

MyCUmortgage has added partnerships with four credit unions across the country, giving them access to its comprehensive mortgage solutions. The credit unions include Blue Eagle Credit Union in Roanoke, Virginia; CHHE Credit Union in Huntington, West Virginia; Earthmover Credit Union in Oswego, Illinois; and Securityplus Federal Credit Union in Baltimore. These new partnerships represent 86,490 credit union members and $1.18 billion in assets.

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