DAIDEC launches an AI mortgage processing tool

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Aussie fintech DAIDEC Analytics has rolled out a predictive analytics tool for brokers that rates and evaluates home loan applications.

The new solution, D.Tag, uses machine learning to alert brokers of ways to speed up or improve requests, with the goal of speeding up their approvals.

The product is a component of the D.Suite system, which connects to customer relationship management (CRM) software, evaluates loan applications and rates their likelihood of approval. Brokers will be alerted if they need to review and spend more time on applications.

DAIDEC launches the product in the market after completing a pilot project with a group of anonymous brokers.

Roger Dench, managing director of DAIDEC, said his company has focused on circumventing request bounce (for example, due to requests for further information) between lender, broker and customer.

The tool is said to have helped reduce the number of tasks that would normally be carried out by multiple people during the mortgage application process.

“It takes about 100 tasks to get a home loan approved and along the chain, time and cost inefficiencies can arise and be magnified,” Dench said.

“Each of these pain points can lead to frustration for the borrower, skyrocketing costs for the broker and delaying approval by the lender.”

DAIDEC’s analysis for a client found that 16% of loans take up 64% of their brokers’ time, and this is often the case in the home loan market.

“Brokers spend most of their time on bad loans – but they don’t know which ones are bad until it’s too late, and they jam the system,” said Mr. Dench.

He added that evaluating the review and referral of loan applications from the D.Tag tool will be the “real money-saver” for brokers because it could tell them if there is has potential problems and more time needed.

“It’s not to say it’s a bad loan and it’s going to be rejected – we’re not playing in the credit score space – it’s just a warning to the broker that it’s going to take a little longer time, and likely require specialized experience,” Mr. Dench said.

“The D.Tag helps the broker by giving him insight into the quality of the application he has in front of him, and where there might be issues, so he can, where needed, create a higher quality application, before the loan is submitted The system anticipates approval issues and anticipates them.

The product could help brokers tackle the uncertainty around execution times, an issue that is widely worrying the industry.

“At the moment, brokers can’t give their clients any confidence in how long approvals will take because everyone is overwhelmed with volume and brokers can’t know which apps will cause the most problems,” he said. Mr Dench. .

Although marketed for home loan analysis, DAIDEC said the D.Tag tool is easily transferable to business loans and will eventually be applicable to similar jurisdictions offering mortgage products. similar to Australia.

[Related: Nimo teams with mortgage settlement tech]

DAIDEC launches an AI mortgage processing tool

DAIDEC launches an AI mortgage processing tool

mortgage

Last update: June 24, 2021

Posted: June 24, 2021

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