The Most Successful Use Cases for AI in the Mortgage Industry

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You have probably heard people in the mortgage industry buzzing about Capacity, and you might be wondering how it works. This article highlights how Capacity has helped mortgage customers experience success. We know that a lot of companies are looking for solutions to help navigate and streamline their processes. Check out our top mortgage use cases to discover how our AI has benefited companies across the mortgage industry.

Borrower Education.

Prospective borrowers often have a lot of questions as they conduct research. And they often do that research online before even interacting with a brand. According to a study by Aspect Software, 73% of consumers prefer to use a company’s website for support.

By anticipating the questions that borrowers typically ask during any stage of their research, you can make your website a hub of helpful information that they’re looking for. Our customer, West Community Credit Union (WCCU), has seen great success by placing our AI-powered bot on their website. According to our most recent data, Capacity correctly and instantly answers 92% of all prospective and current borrower questions without any human intervention. In fact, WCCU has grown 40% without adding any call center staff and they have reduced call center costs by 20% since implementing Capacity. On top of that, their net promoter score has increased from 75 to 85 because customers are getting answers quickly.

Lead Routing.

After Capacity provides answers to loan qualification questions, it’s important to gauge interest, collect information, and push that information to a CRM, so a loan officer can quickly follow up. In addition to answering questions, Capacity has also been used to route leads through the loan process by effectively integrating with our customers’ CRM, email, and calendar. 

Capacity can ask follow-up questions to a prospective borrower to seamlessly guide them to schedule an in-person meeting. We call this a Guided Conversation, which can triage multi-steps or difficult-to-answer questions through a conversational tree, which increases the ability for borrowers to get access to the right resources and get directed to schedule a meeting on your loan officers’ calendar without having to connect with a live person. 

Guideline Access.

Just like your borrowers ask the same questions when it comes to finding a loan that best fits their needs, your underwriters have to repeatedly access and refer back to guidelines and regulations throughout the day. Rather than constantly logging into systems to locate this information, Capacity can provide immediate retrieval of product guidelines and regulations for all the federal agencies as well as your proprietary overlays whenever your team needs it.

In a recent article, we virtually sat down with PRMG’s VP of Products and Training, Lara Rausch, to get her thoughts regarding the partnership between Capacity and PRMG. “We were looking to find a solution that would keep products and support material up to date since information and guidelines go stale so quickly,” said Lara. Capacity supports their knowledge maintenance by crawling pdf documents that store guidelines and providing answers to questions regarding source material and the loan product.

Loan Status Updates.

Loan officers strive to efficiently close as many loans as possible while also providing top-notch customer service. They are extremely busy, and they don’t want to spend valuable time looking up loan statuses and informing borrowers along the way. Rather than wasting time on this step, Capacity keeps loan officers and borrowers informed on updates. 

In addition to routing leads, Capacity uses integrations to log into an LOS to access up-to-date and relevant information on current loans. This enables loan officers to get instant updates on any device by simply asking a question like, “What is the status of the Johnson loan?” Taking it one step further, Capacity can also send an email with that information to anyone in their directory, such as a borrower or coworker. See how it works in a demo

Servicing. 

Beyond the repetitive and typical questions that you can predict at the beginning of a loan process, this pandemic has proven that it’s important to have resources available for those who need assistance with the tougher situations in life such as filing for forbearance and asking about how to defer payments.

It’s important for mortgage companies to provide borrowers with the same level of support throughout the loan lifetime, and Capacity can help mortgage companies do so by answering questions even in unexpected situations. During Digital Mortgage 2020, Capacity’s CEO, David Karandish, shared his belief that customers not having access to their mortgage company until it is too late is the worst thing that can happen in this scenario. “We’ve seen companies try to make as many resources available as possible to help customers seamlessly navigate through the process.” Making information accessible and opening up dialogue is always the best policy.

If you’re interested in implementing AI to assist with any of these use cases at your organization, click the button below.

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