Blend has baked artificial intelligence and machine learning into its mortgage point of sale (POS) platform, thus further automating and speeding the mortgage process, as well as improving data accuracy.
The new AI functionality, dubbed Blend Intelligence, enables the company’s online mortgage application platform to automatically request documents and data that have been identified as necessary for loan underwriting through integrations with third party data providers.
As Blend Intelligence accumulates lender and consumer data over time, it analyzes that data to find discrepancies and also identifies ways to speed the mortgage process and gain new efficiencies. Essentially, it studies how borrowers and lenders utilize the platform and “learns” from the outcomes what works best from a process perspective, as well as from a consumer experience perspective.
“In the same way that Netflix recommends movies based on your past viewing behavior, Blend Intelligence recommends loan conditions based on past lender behavior,” explains Grace Qi in a recent company blog post.
With Blend Intelligence bundled with Blend’s POS platform – now in use by more than 100 lenders – loan health checks can happen in the background to automatically spot and flag bad data, increasing loan accuracy and decreasing risk.
In addition, follow-ups for the borrower and third parties are suggested and often automated to shave more days off the process and eliminate tedious, manual tasks.
“We’re excited about the future of Blend Intelligence because it’s only going to get better with age,” Qi writes.