Artificial-intelligence chatbot adds competitive advantage to mortgage leader with potential to revolutionize a trillion-dollar industry
Jane.ai, the first truly AI-Powered Teammate designed for the workplace, officially announced a partnership and integration with USA Mortgage, a leading full-service home financing solution center, to outfit mortgage employees with an intelligent tool that provides instant, mobile access to critical loan information.
The average processing cost of a single loan is $7,000, and roughly 70 percent of that expense (about $5,000 per loan) is human labor. With 6.12 million U.S. home sales in 2017, the human labor cost of processing mortgages is as high as $30 billion annually. Any improvement in mortgage broker efficiency and reduction in time will save on processing costs, with a cumulative effect across the two-trillion-dollar mortgage industry.
With efficiency and savings in mind, Jane.ai now helps USA Mortgage reduce the time its brokers spend looking for information as they process mortgages. By integrating Jane’s AI-chatbot directly into Slack, a broker with a question can send a message to Jane and get valuable information in seconds. Jane’s technology instantly connects data across siloed platforms, documents, emails and applications, like Encompass and Allregs, and seamless integration means zero time lost to onboarding or training employees on a new tool.
Mortgage companies that intelligently leverage this type of technology have an incredible market opportunity to give employees, partners and borrowers an edge. Employees can optimize their time, ultimately making them more profitable. New team members start producing faster through quicker access to onboarding and loan information. And broker retention is improved as employees are happier at work and borrowers have an improved experience with brokers, strengthening overall company reputation. There’s also the possibility of a direct, positive impact on revenue. In fact, based on current industry statistics, a 25% increase in productivity among the top 40 percent of loan officers could increase net revenue by 20 percent.
“The mortgage industry is fiercely competitive for talent, with high turnover in top-performing loan officers; more than half of loan officer tenures are less than two years. In an age-old business like lending, embracing technology like Janeattracts younger talent – a challenge for the industry as a whole – and helps retain valuable team members,” said Jane.ai CEO and Co-founder, David Karandish. “We’re thrilled to partner with USA Mortgage to help solve some of the efficiency challenges that have plagued the industry for decades, and provide a sustainable opportunity to increase revenue.”
USA Mortgage recognized this potential when partnering with Jane.ai to modernize how its employees operate. Based on company usage to date, USA Mortgage and Jane.ai predict that the company will save 1,000 human labor hours per month through increased productivity from using Jane to access Encompass and AllRegs alone. This increased productivity means hours back in days that were previously lost navigating complicated systems, overwhelming amounts of paperwork and outdated processes, which over time will have a direct impact on deal flow.
“Thanks to this integration with Jane.ai, our employees have 24/7 access to critical information – whether in the office or out in the field,” said Ron Mueller, SVP Sales and Marketing at USA Mortgage. “This type of technology gives our company a critical edge in a highly competitive industry, both in business and in retaining talent. We’re excited to offer USA Mortgage employees cutting-edge tools that improve both their experience and the experience of their customers.”
Jane is fully integrated into a variety of the most used workplace communication platforms and applications, including Slack, Skype and Workday, as well as industry-specific apps like AllRegs and Encompass, in the case of the mortgage industry. Since launching in June with $8.4 million in Series A funding, Jane.ai has deployed pilots and initial integrations with a variety of customers ranging from Fortune 500 investment companies to academic institutions. To learn more about Jane.ai or request a demo, visit www.jane.ai.