MMI reveals conversation AI for mortgage loan officials
Traffic insights
Dan Jones, Chief Technology Officer of MMI, said during an exclusive demo of the product with Housing That MMI users can ask questions such as: “Which lenders have received the most purchasing volume in California last quarter?” They can even get answers about their own production, such as: “What is my retention per month for the past five years?”
The AI-driven chatbot is powered by MMI’s mortgage information, which includes 500 million original records that include 25 years, more than 8 terabytes of data and real-time insights into more than 150 million property and 3,000 provinces.
“With Chatmmi we make all that data and intelligence even more accessible,” said Jones. “It’s like having a 24/7 data analyst who understands a mortgage – and speaking your language.”
Jones said that chat history automatically stores and updates the latest data, making the experience for users “personalized”.
The chatbot can ask questions and questions, including the identification of top providers, rankings of loans, share of real estate agents and mortgage retention. LOS can even ask MMI which customers in their company book have the greatest potential to refinance.
“It is one of these exciting launches where you never really know how a product is used,” Jones said. “Like, it is always a bit intriguing, and sometimes it is different than you expected.
“But when you are then in an AI product, it is even a bit more exciting because you want to see what types of questions people can ask, what gives us visibility in how the system receives from users,” Jones explained.
‘Refined’ data
The tool is the latest addition to MMIs Unified MortGage Technology Solution, including MMI Data Center, Bonzo And Monitorbase. Jones said that although Chatmmi will integrate with Bonzo, it can integrate with other CRM platforms (CRM) platforms chosen by users.
The company plans Chatmmi without offering extra costs for existing MMI users. Later this year it is planning to launch Pathways Home, a platform that combines the best MMI products, for less than $ 100 per month.
“We have always focused on giving our customers the best data,” said Ben Teerlink, founder and CEO of MMI, in an interview. “Chatmmi is about giving faster access. No filters, no export, no manual work – only the insights they need when they need them.”
Teerlink emphasized that Chatmmi goes beyond standard AI Chatbot offers.
“There have been mortgage data for years, you know? I mean, before we even started making MMI, you could buy the bulk data from a handful of large data providers in the industry,” he said. “But I think what makes us unique is that we have made a product that allows you to come all the way to the individual loan officer and all the information that is specific to them. We have not had a province in the country where we have not had a loan officer who use our MMI products.
“I think what Chatmmi gives such an advantage is … we have incredible data that we have refined for years, so instead of just connecting a chatbot to the big data that you can buy everywhere, we have connected it to something that we have been perfecting for years.
Teerlink said that the industrial experiences of him and Jones have driven the development of Chatmmi.
“I started in the industry as an agent. The Bonzo boys started in the industry -speaking loans. Then Jones has been in the industry for Rocket and their data for 17 years. Monitorbase has been in production to do loans. And we are all still involved, “he said.
“I think so much technology in the end misses what the originators need today. And I think we are really busy with that in mind, from Like, we know what is needed and we build it that way.”
