These capabilities are likely to further expand in the years to come
Tech platforms’ capability to process large amounts of disparate data – combined with the ability to organize these pieces of information into a comprehensible whole – is a significant part of what makes modern brokerages work, according to Richard Paterson, vice president of innovation at Intellifi.
The automation and streamlining of processes like document submission and verification are proving increasingly crucial, and Paterson is expecting these capabilities to further expand in the years to come.
“Banking analysis provides us a powerful insight into the cash flow of the borrower and lets us cross-reference the credit bureau data,” Paterson told Canadian Mortgage Professional. “The more we can bake-in trust to the application, the faster we can get approvals and accurate pricing to our customers.”
Paterson believes that a key component of engendering greater trust in these systems is the proper application of artificial intelligence in data processing.
“The recent improvements in AI show the need to be able to quickly adopt for systems and processes to be able to take advantage of some of these things that could now be automated,” Paterson said.
On Intellifi’s part, Paterson said that the lending solutions provider is hard at work in making its platforms sufficiently robust and agile to respond to a wide range of market conditions.
“There’s no one system out there with all the answers, and we need an application framework where we can plug in solutions that can offer something to the process,” Paterson said. “So the flexibility and the ability to quickly refactor processes are key for anybody in the business.”
For further in-depth discussions on the evolving role of technology in the mortgage industry, click here.
