[David] Let’s get over to Alan pollock and talk about. Technology. Everything we talk about here at Mindset has been technology. Technology, and it is changing. It is changing rapidly, and we always enjoy your segment. Helen, what you got,
[Allen] By the way, I’ve got what’s called pizza Vision Tech using ai. It’s a vision tech. Okay, that’s right. So precise scanning AI cameras are detecting the toppings and the gaps down to the millimeter, and there’s auto correction. So AI is instantly tweaking robotic dispensers to add more cheese or more sauce, and their quality check is using infrared sensor with AI to verify the crust. Char matches the perfect profile and it prevents mistake pies before ever hitting the box. So AI is being used everywhere. Also donatos, which I keep hearing about Donatos, I guess it’s like a Domino’s kind of thing. But they’re doing dough forecasting because pizza often requires a 48 hour fermentation. They are using AI to predict exactly how many pies they’ll sell two days from now based on local events, weather and historical trends. So they never run out.
[David] Interesting. How about that? Pizza technology. Hitting the pizza business. Pizza. Pizza. Very good. Yeah.
[Allen] So let’s, how about we talk about the mortgage industry a little bit.
[David] That talk about not moving fast, that’s when it comes to technology. We’re a laggard, but yeah. Let’s talk about the middle collaborative. I dunno,
[Kittle] Can I still get my Domino’s delivered in the same timeframe or are they gonna manage that too?
[Allen] I know, who knows? A AI will probably know what you’re doing in your house and if you’re really ready to have the pizza delivered or not.
[Allen] Hilarious. Sorry, David, but you don’t look like you want your pizza right now.
[David] He’s a newlywed. There may be some merit to that. You may be something going on. We’re not gonna go there. Go ahead.
[Allen] Let’s get into Mortgage Tech. That was heading down a bad path. So speaking of David, the Mortgage Collaborative this article just went out April 21st, about seven days ago. It is their new a CT Tech summit bringing lenders and vendors together to evaluate tech figure out what tools actually work. I didn’t mean to throw it over to you, Dave, but since you just brought up your dominoes, I, anything you wanna say about the Mortgage Collaboratives Tech Summit?
[Kittle] No, it’s gonna be great. I think they ought to go to the link and see what the announcement is. It’s something we did four years ago, and this is really tech two for us, and we’ve learned a little bit about our first one. This will be a little bit better and it’s an opportunity for people to showcase their ideas with investors in the room. And it’s all about mortgage tech. People that probably can’t get a meeting or don’t have a voice or need a particular capital raise it’ll help somebody with a really good idea. Of course, we’re gonna vet, the people that are gonna be there and make sure that they’re to our liking and should be a great conference.
[Allen] Oh, that sounds amazing. That’s that’s coming up. Make sure you’ll go to the Mortgage Collaboratives website and check it out like David just said. Here’s another one. David Lichen. It’s fsbo fsbo.com. They just launched their loan officer portal. Portal inside their platform, they let Los plug into listings, the marketplace buyer screening. And they’re saying they have right now about 300 los already signed up. It’s $299 a month. Yep. And they’re targeting around 300,000 monthly users. And obviously that they’re hoping to get the los and get more people built into their platform upstream. So check that out. fsbo.com. Interesting. And then I also noticed, yeah, first Team Real Estate and Zillow have teamed up together. They’re doing pre-market listings via Zillow preview, and they’re, they’re hoping to get the buyers to engage sooner. So why do I bring this up? Because relationship is everything as an originator. So I’m speaking now towards all of the unique partnerships you have, the builder relationships, the real estate relationships all of those things. So this is something to know about, something to, to make sure that you’re aware of, and if there’s the right. Folks to partner with. You wanna do that? So check it out again. First Team, real Estate and Zillow for pre-market listing. Zillow has a pre-market listing platform called Zillow Preview, so check that out. Check it out also, David, thanks. Something going on right now is we’re ai, we’re just overloaded. There’s so many darn things out there. We talked about this last week. I had another conversation with somebody. Everybody wants to test it out. Mortgage companies are dealing with their los coming up to them and saying, I’ve built my own CRM, or I need the data. We, could talk all day long about this. Everybody’s playing with code. So there is what we call AI overload. I mentioned it briefly last week. The AI works, that’s not the problem. The problem is there’s 15 tools, 10 subscriptions, and you’re trying to duct tape everything together in order to run your day. The humor in all this is at some point, you’re not even a loan officer anymore. You’re just managing your stack of AI tools. And the real point is because everyone’s trying to do this with ai, most people are just adding complexity instead of actually becoming more efficient. And that’s not just at the lo level, that’s at the company level. So ultimately, the lo who wins isn’t using the most ai. It’s the one who figured out which two things, maybe three Macs are actually moving the needle to help them continue to build momentum and create a brand and gain repeat customers and good relationships and all that great stuff. So AI overload is a real thing. Let’s be careful, folks. We can’t, you’re not of the engineer. Don’t try and build something. It’s not gonna be coded, right? It’s not gonna scale, right? You’re gonna have data issues, you’re gonna be frustrated. You have a great idea. You can share it with the right people, share it with your vendors, with your company. But don’t go out and try and build the next best thing. It’s, you’re asking for a headache. The next thing David, I wanted to bring up is a mortgage ranking. So housing wire. They now are, they’ve launched what they call data-driven originator rankings based on real transactions. So it’s called mortgage rankings. If you check out their website, they got this beautiful looking site. They’re getting a lot of data that’s out there. Ingenious data, public mortgage records, actual closings, et cetera. It’s not submission based. That’s what they’re saying is the big difference. Interesting. It’s based on real market activity. Interesting. So check it out. There’s a lot of people doing these things, volume loan count, because of AI and because of the access to data. These things are easier to get ahold of. They’re more real time. You’re gonna see more like this. And the other thing David, I wanted to end with is this trend. Everyone’s got an AI under underwriting tool. You’re getting they’re not, that’s not gonna stop. Everybody’s teaming up. Ai. Pre underwrite is becoming a real focus, meaning people are in saying, go underwrite my loan and I don’t need underwriters anymore. They’re saying. Take a look at this loan before I waste money on my most expensive resources. What can we know upfront? How do we make the borrower experience better? How do we make the broker loan onboarding process better? How do we make non delegated better? How do we do all these things? So check it out. A lot of people are talking about pre underwriting. If you’re looking to get into AI underwriting, maybe start there. There’s some great vendors out there. I won’t name any favors at the moment but there’s some great vendors doing some great stuff. So go check that out. And if you’re not part of the mortgage collaborative, go sign up there because they’ve got vetted vendors. Yes. And let’s leave it at that, AYA. Let’s have a killer freaking week. Let’s have a great week. Yeah, let’s be productive. And thanks for listening. Thank you, Alan. Appreciate it. Very good. Yeah. Good reports. Always interest. Yeah. So much focus on underwriting. Many other aspects of it. Alan, I’d like to get to talking about the impact of blockchain on especially when it comes to how we’re moving money within the industry and the funny or all that one, because that’s a whole nother topic. We’ll go, we’ll prepare that one.
Allen Pollack
, Chief Operating Officer, Tech Consultant
Allen Pollack, a Mortgage & Financial Services Technology Advisor, is a subject matter expert in the mortgage origination process along with software product management and software development.
In today’s financial services push to all things Digital, Allen has been helping lenders and financial services solution providers align their digital transformation and technology strategies by removing the human element of risk, and automating processes that drive efficiencies and margins into profits.
Over the course of his career, Allen has co-created and developed technology business models that have birthed highly successful, innovative solutions and companies.
Allen co-founded and served as CTO of New York Loan Exchange (NYLX), a loan product eligibility and pricing engine (PPE) that made an immediate impact on the industry, scaling the company quickly and forming partnerships with multiple mortgage and financial lending companies. In 2012, Allen was a co-founder of a merger between NYLX and Aklero Risk Analytics that created LoanLogics, A Mortgage Loan Quality and Performance Analytics company. Allen served as CTO where he continued to bring new and innovative product solutions to the market that made a significant impact to mortgage lenders that reduced risk, scaled business channels, and grew profits in a very competitive and highly regulated market.
Allen is also is mortgage and finance technology contributor on a weekly live industry podcast, Lykken on Lending, and is launching a new podcast soon to be released, TechStack Radio, dedicated to technology and innovation in Financial Services.