Guideline Buddy launches AI-powered chatbot

The newly released chatbot is designed to help mortgage pro instantly find the relevant mortgage guidelines they need

Add mortgage tech firm Guideline Buddy to the list of companies with an artificial intelligence-powered chat tool.

Guideline Buddy’s chatbot leverages generative AI technology to simplify the loan qualification process by providing swift and accurate information, freeing professionals from the time-consuming burden of sifting through extensive documentation, the firm said.

The new tool is designed to help loan officers, processors and underwriters instantly find the relevant mortgage guidelines they need. Mortgage professionals will be provided with up-to-date investor and lender guidelines and timely notifications whenever changes happen. 

All features are offered in English and Spanish, enabling loan officers to expand its reach to more markets.

“As a long-time industry veteran, I’ve both witnessed and experienced the exorbitant amount of time and money mortgage professionals spend searching for, interpreting, and applying underwriting guidelines. That time should be spent on more productive, revenue-focused activities,” said founder and CEO Marc Hernandez.

AI has become front and center for mortgage tech firms as well as lenders to boost efficiency and save time.

Blend’s AI-powered assistant ‘Copilot’ executes precise tasks and assists borrowers in giving timely answers to borrower questions on behalf of loan originators.

The AI layer of Copilot goes a step further to deconstruct nuanced questions, which is what sets the new tool apart from other existing chat features, Blend’s CEO Nima Ghamsari said at the time of the launch in 2023.

Rocket Mortgage piloted an AI virtual assistant with mortgage bankers for outbound client calls in the fourth quarter of 2023. 

The virtual assistant automatically transcribed, summarized and populated hundreds of crucial application fields hands-free in real-time, enabling bankers to be more productive, the company’s executives explained in its latest earnings call with analysts.

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