AI And The Future Of Mortgage Lending

Once upon a time (which is to say 10 years ago), the mortgage industry had an innovation problem. Brash fintechs were challenging incumbents, Silicon Valley was producing breakthrough technologies at scale but the vast array of lenders were still operating in the past, hesitant to abandon legacy systems, rote processes and an overreliance on manual labour. To capture the business of an increasingly sophisticated consumer and reduce turn times, mortgage providers would need to forge ahead and embrace a faster, more process-efficient and customer-centric business model whose engine was cutting-edge technology. 

Mortgage Processing: Problem, Meet Solution 

The mortgage process has historically been defined by paperwork—a dizzying amount of it. Ploughing through required documentation and verifying data is not just laborious, but because it relies on manual processes it can potentially produce errors that result in additional delays and customer distress. By introducing smart technology into certain time-intensive processes, tasks can be automated, manual labour can be saved or directed elsewhere and turn times can be shortened—a result that will put a smile on your face and delight your lender as well. 

Innovative Solutions Across The Mortgagesphere 

In reducing industry pain points, automation was heralded as the key optimizing factor—but you can’t automate simply by “going digital.” You need smarter technology. The inherent innovations in both AI and machine learning (and to a lesser degree, robotic process automation) allow for time-consuming activities to be completed largely without human involvement. This means the gathering, reviewing and verifying of critical mortgage-related documents can be effectively undertaken and resolved by leveraging AI and deploying it across the enterprise. 

It is about reducing friction for all parties throughout the lifecycle of the transaction customer, lender, investor, everyone. Introducing automation into the mortgage process leads to a superior borrower experience and a cost reduction model available to all participants. 

Let's Take A Closer Look At The Big 3 

- AI (Artificial Intelligence)* AI is typically defined as the ability of a machine to perform cognitive functions we associate with human minds, such as perceiving, reasoning, learning, interacting with the environment, problem solving, and even exercising creativity. “Reading” and extracting information from a mortgage-related document, for example, would be considered an AI function. 

- Machine-Learning* algorithms detect patterns and learn how to make predictions and recommendations by processing data and experiences, rather than by receiving explicit programming instruction. Working in predefined areas, machine learning yields results that are: 

• Descriptive—it describes what happens 

• Predictive—it anticipates what will happen 

• Prescriptive—it can provide recommendations on what to do based on past experience (historical data) 

- Robotic Process Automation (RPA) is a productivity tool that allows a user to create scripts (which some refer to as “bots”) to mimic or emulate selected tasks within an overall business or IT process. Unlike AI and machine learning, RPA tasks need to be explicitly programmed by a human. Chat bots are an example of RPA that you are likely familiar with from a host of online retailers. 

Taken together, these advancements can provide measurable value to help automate mortgage processing—and bring more value to you and your lender by: 

1. Reducing costs for everyone involved 

2. Closing loans faster 

3. Eliminating mistakes throughout the process 

4. Enhancing customer experience 

Mortgage Platforms With Machine Learning Capabilities 

There are some players such as Tomo or ROSHI which have emerged as innovative players in the mortgage industry with plans to leverage cutting edge tech to help measurably improve how borrowers experiencing the loan buying journey, their data is extracted, read, understood and classified. Ultimately, this means bringing clarity, eliminating pain points, closing loans faster while serving more customers. 

It is the type of technology that can ultimately transform an industry. These startups are confident next-level efficiencies will help all lenders accelerate growth, reduce turn times and improve their ability to scale, leading to lower costs and fewer errors. 

By automating a slew of repetitive, manual tasks that are built into the mortgage origination process, lenders can accelerate certain loan-closing and post-closing processes more quickly and better scale their capacity. 

If you are looking to compare the best refinance home loans or find the best home loans rates go and check out these startups for yourself.

The Importance Of Backlinks In E-Commerce

Having a good number of backlinks to your website is a great way to get search engines to notice your website. Backlinks have several different benefits. They can help improve your search engine rankings, increase traffic, and even increase your profits.

Influencers of Backlink Value

Getting backlinks to your ecommerce site is a key part of SEO. However, not all backlinks are equally valuable. The best backlinks are those that are incoming from high authority sites. These links will boost your site's search results and increase referral traffic. With a free backlink checker, you can access the backlink profile of any website on the internet. Discover who is linking to you and examine the content that is performing the best.

Backlinks are part of Google's algorithms and play an important role in ranking your site. The backlinks that you get should be relevant to your brand. They should also be on high authority sites.

You can generate backlinks to your ecommerce site by working with influencers. Influencers are bloggers or media experts who have an active online presence. They can write content about your brand, publish reviews, or promote your products.

Backlinks are important because they give search engines the information they need to understand your site. They can also help with reducing bounce rates. This means that people spend more time on your site.

Authority

Getting high authority backlinks to your e-commerce website is a smart business habit. The goal is to build a solid foundation for your SEO strategy. Using the tools available today, you can easily assess your site's authority.

A link-auditing tool will provide a solid overview of your site's linking profile. You will find out which sites are linking to you, which are linking to your competitors, and which links are not being followed.

You can also use a manual review. This is a more accurate method. It involves iterating through a series of calculations to determine the most relevant information.

If you are an e-commerce store, you compete with many other sellers for the top spots in Google's SERPs. Therefore, you need high-quality backlinks to increase your chances of getting to the top.

Power

Creating quality backlinks is an important part of any e-commerce marketing strategy. They act as a vote of confidence for your site and increase your site's authority in Google's eyes. The higher your site's authority, the better your search engine rankings.

You can use several methods to create backlinks, including collaborating with influencers in your niche, writing articles, and provably presenting data. The key is creating unique, unreplicable content and providing insight that another brand cannot duplicate.

Getting quality backlinks for your e-commerce store takes time and effort. However, they can become a habitual part of your digital marketing strategy once you have earned them.

One of the easiest ways to create quality backlinks is to present content about your buyers. For example, you can write an article about your customers' needs, questions, and problems. Industry leaders can then share the article in your niche.

Relevance

Having quality backlinks is a key element for e-commerce websites. A high-quality link can help increase the number of organic visitors to your website and improve your SERP ranking.

There are various ways to create backlinks. You should choose the ones with strong domain authority if you want high-quality backlinks. 

Another way to get backlinks is by presenting content relevant to the customers. For example, if you are a chef, you could create backlinks from cooking blogs and cooking magazines.

To ensure you get high-quality backlinks, you must understand how search engines evaluate backlinks. They look at the quality of the website that is giving the link and the topic of the link.