Tuan Nguyen mortgage broker; Loan Factoryhas introduced artificial intelligence (AI) tools for its customers and loan issuers.
Loan Factory's Nguyen said the AI application will streamline the loan process by automatically filling out forms with accurate information, saving time and minimizing errors, making it faster and easier to get a mortgage.
The borrower or loan issuer simply drags the document and the AI tool reads it, retrieves all the required information and fills up the application on the user’s behalf.
“AI will continue to transform the mortgage process and we expect to announce several more technology breakthroughs in the near future,” Nguyen said in a prepared statement.
Loan Factory, the largest mortgage broker in the U.S., began offering the tool to clients about two weeks ago as part of its MOSO software platform. Nguyen said about 30 brokers use the MOSO system but have not yet used the AI application tool.
Earlier this year, California-based Loan Factory The company has been sued by lenders who claim that the company used their personal and professional information on its website without their permission to promote their business.
Nguyen said: Housing Wire The company said it removed the loan officer's information immediately after receiving the complaint, but declined to comment further.
