By KIMBERLEY HAAS
The co-founder of a company that provides technology-enabled mortgage services and fintech innovation for the financial industry says artificial intelligence will be an essential tool moving forward.
Souren Sarkar, who is the president at Nexval Group in Miami, started his career in the technology space at Bayview Financial in 1996. After rising through the ranks to become the company’s chief technology officer, he pivoted and started companies that focused on mortgage outsourcing with technology, as well as labor outsourcing to India, where he was born.
Today, Nexval has several large operations in India and Sarkar says people who work in middle management there all have over 15 years of experience in U.S. mortgage banking.
Sarkar said the…
Rocket Mortgage launched a new AI-driven technology for analyzing calls.
Rocket Logic – Synopsis can listen to, transcribe, and search client calls, then analyze the sentiment, recording the patterns and preferences of the caller, according to a press release.
This innovation allows Rocket to create “bespoke experiences” for both current and potential borrowers.
“Rocket Logic unlocked the transformative power of AI to begin streamlining and modernizing the homebuying process. Now, with Rocket Logic – Synopsis, we have harnessed generative AI to create a tool that both anticipates and solves clients’ needs, effectively changing the future of homeownership,” said Varun Krishna, CEO of Rocket Companies and Rocket Mortgage.
The tool is active for calls to Rocket’s client experience teams, including loans…
By KIMBERLEY HAAS
A total of 1,250 team members at Rocket Companies dove headfirst into the topic of leveraging generative AI during their most recent HackWeek.
More than 250 experiments were tackled as these team members explored how technology can streamline the homeownership journey. They ranged from finding solutions for when buyers first start browsing home listings to creating a system that presents payment assistance options to homeowners if they experience hardships.
CEO Varun Krishna said in a post on LinkedIn that harnessing the capabilities of GenAI is a major goal for the company and having a week of dedicated time to focus solely on breakthrough innovations was “incredibly valuable.”
“It is incredible how many great ideas can come from…
The CEO of Dark Matter Technologies says they remain focused on streamlining processes for their clients as they work to revolutionize the mortgage industry.
Leaders at the company, formerly Black Knight Origination Technologies, announced in September that they had rebranded after being acquired by the Perseus Operating Group of Constellation Software.
Since that time, they have announced a collaboration with Argyle to simplify the income and employment verification process and an integration that allows lenders to instantly leverage income and employment information through Experian Verify.
They have also implemented an automated workflow in the Empower loan origination system that makes it easier for lenders to identify and qualify loan applicants who could benefit from an evaluation of their rent payment…
By KIMBERLEY HAAS
The CEO of Rocket Companies says they will achieve scaled growth and profitability through their AI-fueled homeownership strategy.
Varun Krishna spoke during an earnings call Thursday after leaders at Rocket reported that their total net revenue for 2023 was $3.8 billion. In comparison, total net revenue was reported at $5.8 billion for 2022.
Krishna started his comments by saying they delivered strong fourth-quarter and full-year results despite market challenges as the industry faced persistent strains in affordability and inventory.
He pointed out that their purchase market share grew by 14% and their refinance market share grew by 10%.
Krishna said by continuing to leverage artificial intelligence, they will transform an industry that is ripe for innovation.
“With…
Artificial intelligence is changing how people buy homes and leaders at Rocket Companies are leaning in and embracing the latest technology.
In December, it was announced that the Rocket Homes app is now available to potential buyers while they are driving through Apple CarPlay. Homes listed for sale can be seen in the “Nearby” tab. By tapping the vehicle’s screen, drivers can get directions to a home, call an agent, or save listings to their “Favorites.”
Doug Seabolt, CEO of Rocket Homes, said at the time that the app is making house hunting more convenient for busy homebuyers on the go.
“When looking for a new home, the search never stops – even when you are driving around town. That…
By ERIN FLYNN JAY
As artificial intelligence plays an increasingly important role in the mortgage business, industry leaders are figuring out ways to harness its power to revolutionize homebuying.
Dan Weisman, director of innovation strategy at the National Association of Realtors, said AI brings enhanced automation, efficiency, and transparency to the process. People who can effectively use it have the chance to dominate the landscape in 2024.
“With artificial intelligence rapidly entering our lives faster than most could imagine, the industry has opportunities to improve analyzing market trends, assessing credit risk, and ensuring regulatory compliance, which will lead to a more tailored lending experience,” Weisman said in a recent interview with The Mortgage Note.
For example, JPMorgan Chase is developing…
Rocket Homes has a new plan for encouraging homeownership: showing Americans homes for sale as they’re driving.
Rocket Homes, the real estate service arm of Rocket Companies, made its iOS app available in cars, trucks, and SUVs through Apple CarPlay in order to turn the “everyday commute into an exciting and natural part of the homebuying journey,” company leaders said in a press release.
Users click the “Nearby” tab of the app on CarPlay to pull up homes listed for sale in the area. Drivers can then get directions to the home, call an agent, or save the listing for later viewing on their iPhone.
“The Rocket Homes app is making house hunting more convenient for busy homebuyers on-the-go,” said…
By KIMBERLEY HAAS
Leaders at a California-based digital lending solutions provider say they are using generative AI to redefine the financial services landscape.
The launch of Data Beats by Tavant was announced at the Mortgage Bankers Association’s annual convention and expo in Philadelphia this October. The platform will initially be used for mortgage and home equity products but it will be extended to all consumer loans and banking products.
Abhinav Asthana, fintech product business and growth leader at Tavant, said in a statement that the company’s mission is to stay at the forefront of innovation and to be the engineering partner of choice in the financial services industry.
“Data Beats exemplifies our commitment to providing our customers with an advanced…
Rocket is embracing artificial intelligence and leaders there say it will be a game changer in the lending industry.
Varun Krishna, CEO of Rocket Companies, emphasized their focus on AI in a statement accompanying the third quarter’s financial results.
“In today’s climate, innovation is essential. With the incredible amount of data in our ecosystem, paired with the transformative power of AI, Rocket is uniquely positioned to disrupt the industry. We’re just getting started and can’t wait to show you what we are building to revolutionize homeownership,” Krishna said.
Last month, continued advancements to the company’s Pathfinder tool were announced. Pathfinder is an AI and machine learning-powered search engine used by more than 40,000 housing professionals, according to a press release.…
