AI Platform Enables Mortgage Lending Institutions to Broaden Market Reach and Win More Business
AUSTIN, TX / ACCESSWIRE / May 11, 2022 / The mortgage industry is in significant flux caused by historically low inventory, supply chain dynamics, and market consolidation making it highly competitive. Rising interest rates are crushing the mortgage market as fewer homeowners can benefit from refinancing and potential homebuyers are being priced out. Mortgage lenders more than ever before are looking for new ways to use technology to continue to grow. Data driven decisions are required to empower lenders to operate in this challenging environment while providing differentiating customer experience. According to the Mortgage Bankers Association’s mortgage demand crumbled in April 2022 as mortgage rates climbed to their highest level in at least a decade.
To help the mortgage industry compete and modernize their approach, CognitiveScale, the leading AI Engineering company, announced today the general availability of TrustStar. This platform is designed to provide banks, credit unions, and mortgage institutions with AI-powered market intelligence that allows them to grow by tracking real estate trends, staying on top of competition, while maximizing financial inclusion for the local markets they serve.
According to Steve Cooley, Founder, Mortgage Advisor Tools & Art Vs. Math, “The mortgage industry is working overtime to adjust to the 2022 marketplace. Low housing inventory is forcing mortgage professionals to leverage automation and adapt to new technology to maintain their business and stay competitive. It has never been more important to be good at what you do.”
“To effectively navigate a changing market you need to be able to adjust the tools in your arsenal. TrustStar allows me to do just that by arming us with daily personalized insights and suggested realtors that we match with. It truly makes prospecting intuitive and painless,” said Rohan Kothare, Sr Mortgage Loan Officer, First United Bank and Trust.
TrustStar is built on CognitiveScale’s AI Engineering Platform and significantly reduces the amount of time it takes Mortgage Loan Officers to access and analyze large volumes of industry data by simply entering the NMLS number into the application. Loan officers will immediately receive personalized and actionable information about their local marketplace. This information is critical to staying ahead of competition and includes key market indicators such as housing affordability, which realtors to work with, where competitors are lending, loan products sold and at what rates, and much more.
The application analyzes the data and delivers the most impactful, relevant, and actionable insights in a single interface. TrustStar empowers the head of mortgage lending, loan officers, compliance officers, VP of marketing, VP of production, and chief strategy officers with practical insights about the market and potential impacts on their business, and proactively recommends actions to take in response to changing market conditions. The result is the ability to close more loans, expand business, remain compliant, and provide exceptional client service.
“TrustStar harnesses the power of CognitiveScale’s Cortex AI engineering platform to discover and contextualize insights from over 100 different industry data sources for each mortgage professional so they can take meaningful action right now,” said Matt Sanchez, Founder and CTO, CognitiveScale. “TrustStar represents a new class of application that was built from the ground up using an AI engineering approach and we are only scratching the surface on how this will be useful in the mortgage industry.”
TrustStar uncovers industry and proprietary data to provide real-time insights and forecasting. The application is immediately personalized and obtains operational insights about the lending institution and its direct competitors and transforms hundreds of public and private data sources into proactive recommendations. Additional benefits for TrustStar users include:
- Actionable Insights
- Find hidden opportunities in your local markets and adjacent areas
- Highlight mortgage product opportunities
- Improve Loan Officer KPIs
- Connects the Right Referral Partners and Loan Officers
- Remain ahead of your competition
- Know which institutions are lending to whom and how
- Increase market penetration with diversity initiatives
- Custom-Tailored Information
- Ensure compliance with Fair Lending Practices
- Better serve your local markets and proactively monitor fair lending compliance
- Requires No Integration with Other Systems
- Application is up and running immediately
“Mortgage rates are now at the highest level since 2009, depressing both purchase and refinance applications. Circumstances and customer expectations have changed and digital and accessible mortgage processes are critical to ensuring financial institutions keep pace and make the most informed decisions,” said Alex Levi, Managing Director, TrustStar, CognitiveScale. “TrustStar has been developed to bring to the lending industry the same powerful tools other data-intensive companies have adopted to make them more competitive, and able to adapt and thrive in the moment, based on the best information available.”
CognitiveScale pioneered the concept of ‘AI Engineering’, paving the way to industrialize scalable Enterprise AI development and deployment. Backed by over a 100 granted AI patents, the award-winning Cortex platform empowers businesses to infuse trusted decision intelligence into business processes and applications maximizing total customer experience and operational efficiency. Our focus is on regulated industries such as Healthcare and Financial Services where our platform currently delivers hyper-personalized insights to more than 100 million customers.
Headquartered in Austin, Texas, CognitiveScale is recognized by the World Economic Forum for positively impacting business and society through responsible AI. We are backed by investment from Norwest Venture Partners, Intel Capital, IBM, Westly Group, M12 (Microsoft Ventures), Anthem and USAA. To learn more, visit www.cognitivescale.com and follow us on Linkedin and Twitter at @CognitiveScale.
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