USA Mortgage outfitted its mortgage originators with an intelligent chatbot that provides instant, mobile access to critical loan information. The lender deployed artificial Jane.ai, an artificial chatbot, through which originators can gain access to the data and documents they need to originate mortgages. Improved originator efficiency and reduction in time can reduce processing costs and increase efficiency.
The platform helps USA Mortgage reduce the time originators spend looking for information as they process mortgages. By integrating the chatbot into Slack, an originator with a question can send a message and receive the information they need far faster than is often possible with a call or email.
Jane’s technology connects data across platforms, documents, emails and applications, like Encompass and Allregs, and seamless integration means zero time lost to on-boarding or training employees on a new tool.
And retention rates often increase because borrowers have an improved experience, strengthening the lender’s reputation. If the technology results in a 25% increase in productivity among the top-40 percent of loan officers net revenue could increase as much as 20 percent, according to Jane.ai
“The mortgage industry is fiercely competitive for talent, with high turnover in top-performing loan officers; more than half of loan officer tenures are less than two years. In an age-old business like lending, embracing technology like Jane attracts younger talent – a challenge for the industry as a whole – and helps retain valuable team members,” said Jane.ai CEO and co-founder, David Karandish. “We’re thrilled to partner with USA Mortgage to help solve some of the efficiency challenges that have plagued the industry for decades, and provide a sustainable opportunity to increase revenue.”
USA Mortgage and Jane.ai predict that the company will save 1,000 labor hours per month through increased productivity from using Jane to access Encompass and AllRegs alone.
“Thanks to this integration with Jane.ai, our employees have 24/7 access to critical information – whether in the office or out in the field,” said Ron Mueller, senior vice president of sales and marketing at USAMortgage. “This type of technology gives our company a critical edge in a highly competitive industry, both in business and in retaining talent. We’re excited to offer USA Mortgage employees cutting-edge tools that improve both their experience and the experience of their customers.”
Jane launched in mid-2018 with $8.4 million in funding.