obsolete? We delve into that and more with FinKube founder and CEO Jorge Sauri
Paydayloans247: How is technology changing the industry?
The advent of a digital platform is streamlining the process. But more importantly, from a consumer-facing side it’s actually helping to provide a better customer experience … it streamlines it and makes it much better.
Paydayloans247: Artificial Intelligence is new to the mortgage industry. How is it helping originators convert more loans?
Artificial intelligence … really helps a loan officer because when you have responses from a consumer or questions, most of the frequently asked questions will be automatically answered on behalf of the loan officer. So he can focus on the marketing needs that actually drive loans back to himself.
Paydayloans247: How will technology make it easier for companies to do their jobs more efficiently?
Technology will make it a lot more efficient because it will take the same repetitive tasks and automate them. More importantly, it will also make sure nothing is lost through the cracks.
Paydayloans247: Compliance is always something that companies worry about when adding new tech or marketing. Can artificial intelligence guarantee that all regulations are followed when communicating?
AI never gives you a 100% guarantee. What it will do is it will learn all the regulations and give you an alert should something be missed in the process. Or if you’re missing a regulation or you are in default for a condition.
Paydayloans247: Is there fear that technology will make originators obsolete?
No. We don’t think technology will make originators obsolete, at least not in my lifetime. The reason why originating a loan is very complex. There are a ton of variables that go into it. The more complex loans definitely still have to be worked by a loan officer.
Technology is helping to streamline the mortgage origination process – but is there fear it will one day make