Conversational AI platform expedites the mortgage process creating a centralized repository of knowledge
ST. LOUIS – June 11, 2020 – Today, Capacity announces advancement in the mortgage arena with leaders in lending, including US Bank, LeaderOne, Planet Home Lending, American Pacific Mortgage, and PRMG. Capacity is a new kind of helpdesk, powered by artificial intelligence, that automates support for mortgage loan officers and borrowers. Designed to meet the expectations of today’s workforce, Capacity’s cloud-based system captures, mines, and connects organizational knowledge to maximize employee productivity by offering a more effective self-service support channel. At each organization, Capacity is chiefly deployed to improve workflows with automation among other benefits.
According to LendingTree, as of the third quarter of 2019, the total value of real estate owned by individuals in the United States is nearly $29.2 trillion. Total mortgages clock in at $10.5 trillion, meaning that Americans have $18.7 trillion in home equity. In the mortgage industry, the average home loan takes more than two weeks to close and seven touches by team members.
“To accelerate the speed-to-close process, lenders need to reduce the number of team members that touch a loan and the number of places loan officers have to visit to find information,” said Tim Yeadon, CRO at Capacity. “We are working with clients in the mortgage arena to automate previously analog workflows and centralize information, decreasing the time for loan approvals and closing. That way, customers can more quickly receive the keys to their new home, refinance, or secure a line of credit, and lenders can service more customers.”
Lending guidelines are constantly changing and most lending guidelines search interfaces are slow and outdated, resulting in time wasted and confusion on whether a loan is in compliance. Additionally, the mortgage process involves hundreds of documents and additional sources, adding to the amount of time it takes to approve a loan. However, with Capacity, lenders are empowered with an easily-searched, constantly updated knowledge base, so finding the latest lending guidelines is as easy as asking a coworker, “What are the latest lending guidelines?” If a loan officer is fielding a client’s questions, they can rely on Capacity for instant access to every answer found in key company apps like AllRegs and Ellie Mae.
Capacity’s VP of Marketing, Justin Schmidt, is also participating in a panel at HousingWire’s engage.marketing summit, The Agile Marketer. Schmidt will speak about building a marketing tech stack on Friday, June 12. Tickets to the event are available via HousingWire.
Capacity is a new kind of helpdesk, powered by artificial intelligence, that automates support for your customers and employees. The Capacity AI continuously learns from organizational knowledge and the interactions within your business to automate processes and decisions. Capacity was founded in 2017 by David Karandish and Chris Sims, and is part of the Equity.com incubator. More information can be found at Capacity’s website or on social media on Twitter at @CapacityAI.