Going forward we thought it might be helpful to share some insights on how certain themes are present in our portfolio. This week I’m sharing an example of how the theme of Artificial Intelligence is present in our portfolio…
Black Knight’s AIVA Product: AIVA (AI Virtual Assistant) is BKI’s AI technology that can help clients automate what is still a very paper intensive origination process. Mortgage originations are expensive and getting more expensive partly because they are so labor intensive. AIVA is powered by machine learning and performs manual, repetitive tasks at scale. This helps clients reduce operating costs for this time-consuming process. AIVA mimics cognitive thinking to read, comprehend and draw conclusions. “She” is able to remember patterns within data the same way humans recall what they have learned on the job. Loan applications contain hundreds of data points from various document types, including PDFs, screenshots, TIFFs of things like W2’s and paystubs. The documents need to be verified, classified and entered into an origination system. Mortgage professionals are tasked with doing this under tight deadlines. AIVA can read, analyze and extract the data. It then creates queues of documents for a processor to scan and make corrections. In doing this, each new set of origination documents serves as training data, making AIVA “smarter” and more efficient. BKI says it reduces a 95 minute process to a 5 minute process. By performing error-prone, manual tasks, AIVA enables employees to focus on projects with greater strategic value, such as addressing exceptions and solving problems, which results in improved transaction turn times as well as reduced risk. As AIVA helps accelerate and streamline processes, lenders benefit from reduced expenses, which is key as loan origination costs hit new highs, pressuring net profits for lenders.
Sarah Kanwal
Equity Analyst, Director
Direct: 617.226.0022
Fax: 617.523.8118
Crestwood Advisors
One Liberty Square, Suite 500
Boston, MA 02109
$BKI.US
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