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AI Underwriting Engine, melloNow, now Live
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Key Points to Consider:
– melloNow, an intelligent underwriting engine, has officially launched following months of testing.
– The AI being can scrutinize credit reports, spot fraud, and confirm income and employment data independently.
– This tool was designed with the objective of speeding up the mortgage underwriting process.
– The platform provides real-time risk assessment, thereby streamlining the entire lending process.
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What does melloNow mean for Real Estate industry?
– The introduction of this technology signifies a pivotal transformation in the mortgage industry.
– An instantaneous and dependable underwriting process can potentially lead to fewer mortgage defaults.
– Instant validation could be the gateway to transparency and an overall more efficient lending experience.
And now for my sizzling hot take. Banks and real estate moguls, brace yourselves – no more endless nights pondering over credit reports, squinting to find fraud, or exercising your best Sherlock Holmes deduction skills on income and employment data. Thanks to melloNow, Scarface stacks of paperwork might soon be a thing of the past, replaced by an AI that seems straight out of a sci-fi movie (minus the apocalyptic part).
This is not just a simple upgrade; it’s the real estate equivalent of swapping your hamster-on-wheel-powered shack of a house for Tony Stark’s tech palace. With melloNow, the mortgage underwriting process is going faster than a rocket-assisted greyhound chasing a mechanical rabbit. It’s streamlining the lending process faster than a buttered dolphin sliding down a rainbow. The days of ‘not sure if legit’ are heading out faster than a startled cat in a room full of rocking chairs.
In conclusion, melloNow provides a real-time risk assessment that might just make Gordon Gekko sweat. Could this signify fewer mortgage defaults in our future, and an overall smoother, shinier, more transparent lending experience? Only time will tell. But one thing’s for sure – AI has one foot in the door in the real estate industry, and it’s wearing some seriously techy shoes.
Original article: https://www.inman.com/2023/12/12/automating-verifications-lets-loandepot-ok-loans-in-minutes/
