The whole AI scene is blowing up, man. Companies like Google and Microsoft are diving deep into this artificial intelligence stuff. You might have heard of OpenAI’s ChatGPT, a chatbot that’s been making waves. Well, other companies want in on the action too, either by starting their own AI businesses or by using AI to improve their existing operations. One industry that’s been a bit slow on the uptake is reverse mortgage, but that’s about to change.
Bill Packer, the COO of Longbridge Financial, is all about exploring AI tools in the reverse mortgage game. This dude has been in the mortgage industry for 30 years, so he knows what’s up. He even spent four years in the Mortgage Bankers Association’s residential mortgage technology group, so he’s got some serious contacts. That’s why he’s going to be speaking at the MBA’s event all about AI in the mortgage industry.
At this event, Packer is going to show off some of the cool AI stuff that Longbridge is working on. They’re all about generative AI, which is getting a lot of attention right now. And Packer’s going to walk the audience through two of their generative AI initiatives. One of them is a tool that uses AI to help people with questions about reverse mortgage guidelines. It’s going to be a big help for both Longbridge’s Platinum brand of reverse mortgage loans and the Home Equity Conversion Mortgage loans.
But that’s not all, man. Longbridge is also exploring AI-based optical character recognition (OCR) technology. This tool is going to be a game-changer when it comes to reading through mortgage applications. I mean, these applications can be freaking massive, like 1,200 pages or more. That’s a lot of text to go through, but with AI-based OCR, it’s going to be a piece of cake. The tool will be able to extract key data points from the applications, making the whole process a lot smoother.
Now, since these tools are still in development, Longbridge hasn’t decided which specific generative AI tool they’re going to use. They’re keeping their options open, you know? And privacy is a big deal for them. They want to make sure that their customers’ info stays private, so they’re being super careful about where they take this technology. They either have full control over the environments where they’ll be using the tools or they’ve partnered with a third party to keep things segregated.
So, yeah, Longbridge is really diving into the AI scene, man. They’re gonna be showing off their development-phase versions of these tools at the event, and then Packer will join a wrap-up panel. It’s gonna be a wild ride, and I can’t wait to see what they come up with.