Altisource Artificial Intelligence
Artificial intelligence (AI) is transforming the way many industries conduct operations. Broadly defined as a collection of advanced technologies that enable machines to perceive, envision, take action and learn, AI has the potential to help industries that deal with large and diverse amounts of data by reducing errors, improving efficiency, speeding up timelines, identifying patterns and trends, and supporting transactions and services at a significantly larger scale.
Mortgage lenders are increasingly looking at AI technologies as a way to make the loan origination process faster and more efficient, especially as costs have risen. By automating previously manual tasks and using AI as a decision-making tool, lenders can review, process and approve greater numbers of loan applications at a faster speed, bringing benefits to both lenders and borrowers. While there are substantial challenges in integrating AI into processes and infrastructure, it is clear that it is going to significantly change the mortgage industry sooner rather than later. This white paper presents an overview of the current state of AI within the mortgage industry, AI’s capabilities as applied to loan origination, challenges that have hindered its adoption more widely and the benefits AI offers to lenders and borrowers.