MortgageTechnology

Loan Factory unveils AI application tool

The tool will read borrower documents, obtain all necessary information and fill out the application for the user

Thuan Nguyen’s mortgage brokerage, Loan Factory, has rolled out an artificial intelligence (AI) tool for customers and loan originators.

The AI application simplifies the loan process by automatically filling out forms with accurate information, saving time and limiting errors, and thereby making it faster and easier to get a mortgage, Loan Factory CEO Nguyen said.

The borrower or loan originator can simply drag their documents in and the AI tool will read them, obtain all necessary information and fill out the application for the user. 

“AI will continue to transform the mortgage process, and we will be unveiling several more technological breakthroughs soon,” Nguyen said in a prepared statement.

Loan Factory, one of the largest mortgage brokerages in the U.S., began offering the tool to customers about two weeks ago as part of its MOSO software platform. About 30 brokers use the MOSO system, Nguyen said, but they have yet to use the AI application tool.

Earlier this year, California-based Loan Factory was sued by a class of loan originators who allege that the company used their personal and professional information, without their authorization, on its website in an attempt to drive business.

Nguyen told HousingWire that the company took down the loan officers’ information immediately after receiving a complaint. He declined to comment further.

Publisher’s Note: HousingWire is hosting the inaugural HousingWire AI Summit in Dallas, Texas on July 23, 2024. This event brings executives and technology professionals together for a day of networking and learning focused how AI is driving revenue, improving customer experience, and reducing costs in the mortgage and real estate industry. Register now.

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