White Paper

Empathetic mortgage lending in the era of AI and automation

How design thinking helps financial institutions provide a better, more personalized mortgage origination experience to customers

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Buying a property is one of the most significant purchases a customer can make. Lenders must recognize that the stress of applying for a mortgage can never be underestimated. Customers are looking for a fast, efficient service that takes all of their circumstances into account and helps wrap up their application quickly.

David Lykken explains that “we need to move loan underwriting to coincide immediately with the loan application. With all the data that we have available to us and with artificial intelligence able to make so any decisions, so quickly, the loan should be approved at the time of application, subject to the validation of the data that the borrower provided.

Mortgagebot provides an end-to-end, cloud-based, integrated solution from the point of application, through the complete loan cycle. It includes two vital elements for any lender: a point of sale (POS) front and and a loan origination system (LOS). Originate Mortgagebot, part of the end-to-end Mortgagebot lending platforn, enables account holders to explore rates, fees and products, complete an application in minutes, get instant approvals, and receive immediate online disclosures.

The key for successful lenders is to know how to balance the power of data and smart technologies with the real-life needs of the customer. Future regulation is likely to provide guardrails for new technologies in the industry, and lenders will need to be fully aware of their implications.

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