Blend’s New AI-Powered Chat Tool Isn’t Like The Others | ET REALITY


Mortgage technology company Mixing laboratories has launched its first AI-powered chat tool, which it says will allow loan officers to be more efficient and offer a much more personalized touch to potential borrowers.

The AI-powered assistant’Co-pilot‘ executes precise tasks and helps borrowers give timely answers to their questions on behalf of loan originators, said Nima Ghamsari, co-founder and CEO of Blend, in an interview with HousingWire on Friday.

In addition to a chat feature that Ghamsari says many lenders use via SMS or messages, Blend connects all necessary suppliers internally with the bank and lender, and externally with the customer, to get a complete understanding of needs. of the consumer. financial situation and the products and services of the lender.

Copilot’s AI layer goes a step further to deconstruct nuanced questions, which is what Blend says sets the new tool apart from other existing chat features.

“If you ask a very nuanced question, like ‘Can you show me a monthly payment with a 15-year fixed down payment and no down payments, or a 30-year fixed down payment and a 10% (down payment)?’ Then you can break that down into seven different systems with companies, run those seven things twice for two different scenarios, and then go back to the consumer with the answer side by side and say, “Here’s your monthly payment and your down payment.” “. collect the monthly payment compared to this,’” Ghamsari explained.

In a previous interview with HousingWire, Ghamsari noted that AI is about combining the understanding of what the customer is trying to achieve.

“Now that a system can understand the essence of the question the consumer is trying to understand, (AI) can actually do that work for the LO in the background, and then when the LO shows up, that work is already done.” . Ghamsari had said.

“Some of these borrowers have hundreds of products they can choose from. How is a LO supposed to keep that in his head? There is too much context and this will be a supercharger for them,” explained the CEO.

The goal is to make Copilot practical and useful for the LO workflow.

“Many of the AI ​​use cases I’ve seen today are not immediately utilitarian. So people look at it, they like it, they try it, (but) it doesn’t really serve some natural function in their life,” Ghamsari said.

The company announced the tool this week, but will not immediately roll it out to its customers.

Blend is working internally with some LOs to test the tool and plans to gradually expand it to its waitlisted customers.

“We announced it on Tuesday and we already have a very good and solid waiting list. My approach with products like this is to make them work extremely well,” Ghamsari said.

The San Francisco, California-based mortgage technology company reported a non-GAAP net loss of $22.7 million in the second quarter, narrowing a loss of $35.6 million in the first quarter and $45.1 million of dollars in the second quarter of 2022.

Its financial improvement was largely driven by its resilient customer base and growing share of the mortgage market, the company said on its second-quarter financial results conference call with analysts.

Blend has focused heavily on cutting costs to adapt to the rising interest rate environment. Ghamsari noted that the company made layoffs in the third quarter as part of resizing efforts.

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