Integrated data sources are the foundation of every successful transaction, he says
With the steady integration of tech-powered platforms as vital components of the mortgage broker’s toolkit, using a system that corroborates data through multiple sources ensures the greatest possible reliability – and thus, the best possible results in a transaction.
“As an agent or a brokerage, we would encourage people to use a system that has the most highly integrated data source,” Axiom Innovations vice president of sales Andrew Schultz told Canadian Mortgage Professional.
Utilizing sources like Equifax and TransUnion would greatly “increase your submission-to-approval ratio,” he attested. “Authoritative data sources are going to make life more simple for the agent because they’re not going to have to question the validity of the data points they’re receiving.”
Extra reliability also has significant benefits in the customer-facing side of the equation.
“It’s going to make the life of the client easier because they’re not going to have to scrape and claw and grab all this information,” Schultz said. “You’re going to get the most accurate version of the truth from one single source.”
Canadian Mortgage Professional spoke with Joe Fakhri and Andrew Schultz of Axiom Innovations on the company’s achievements in the year to date – and what’s in store for the future.https://t.co/LeZNGdr9od#mortgage #mortgageinsights #mortgageindustry #mortgagetech
— Canadian Mortgage Professional Magazine (@CMPmagazine) June 30, 2023
The greater efficiency afforded by reliable data would be further enhanced by artificial intelligence platforms, such as Axiom’s Scarlett Genius.
“What a lot of people are not aware of is that there’s a lot of AI being made available that is mortgage-industry specific,” Schultz said. “These are often tools that are going to provide recommendations on best fit for lender products for a specific client.”
In particular, Scarlett uses AI and machine learning in its analysis of applicant files, and compares it with an extensive lender and product database to determine the best solution for the situation.
“We’re excited because we’ve just launched this into the Scarlett mortgage product, and it’s going to be incredibly beneficial to agents across the board,” Schultz said.
“We’re providing a wealth of information, a one-stop shop, so that you don’t have to do the busy work of researching all these different products, identifying them, contacting all the different relationships, to access that information.”
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