00:00I'm Allison LaForge with HousingWire, and this is Housing Stack on Demand, powered by HousingWire and The Basis Point.
00:06We're bringing technology showcased at the gathering by HousingWire directly to you,
00:10giving lenders the insights they need to make smarter, more strategic tech stack decisions with the latest innovations.
00:17This demo features Dark Matter Technologies.
00:20Dark Matter Technologies is the home of the Empower platform for loan origination,
00:25the Exchange Servicer Provider Network, and AVA Intelligent Document Management, an Elevate servicing platform.
00:33Dark Matter has been at the forefront of automation and mortgage technology and continues that tradition,
00:38while bringing in innovation through the most current AI capabilities and a developer platform
00:43that invites partners and lenders alike to bring their own innovations into the process.
00:48Craig, thank you so much for joining me today. Can you tell me what Dark Matter's been up to?
00:54Yeah, actually, Dark Matter's been up to quite a lot.
00:56We've really doubled down on our persona-based user experiences for borrowers and loan officers in particular.
01:01And we spend a lot of time on process orchestration, which is always an important piece for us.
01:05Being able to coordinate that work between the system, the automation, and humans in the process is a really important
01:14part for us.
01:15What I'm going to show is how we take something complex like the initial underwrite of a loan and really
01:20make it much more simple.
01:21And in this case, we're going to start with a borrower-initiated experience where our borrower, Alice First Timer, is
01:29going through and going to complete her application.
01:32She's taking that through initially getting a price product, getting a lot of that same information you would expect.
01:38In this case, we're identifying that there is a contract on the property, and we're going to go on ahead
01:42and collect that property address.
01:43And we know not every lender wants to collect an address up front, so that can certainly be removed if
01:48that makes the most sense for you.
01:50But here we're going to go on ahead and go through and capture the various pricing attributes that are necessary
01:56to be able to get to a priced product.
01:58And as we complete that, we'll end up running through the pricing engine and receive a set of recommended products.
02:05From here, Alice can make her choice.
02:07She can review the details of fees and pricing, as well as digging into more rate point options as well.
02:13We're going to go on ahead and select that 30-year fixed, and we're going to provide a pricing summary
02:17to Alice.
02:18And at this point, it's really important to note we've now entered the application, and we're beginning to get into
02:23the guts of the application.
02:25We're not going to walk through every screen here, but we are going to take a look at a few
02:27of the key areas where there's some touch points with automation.
02:30It's important to point out that everything that we do page by page as we go is going directly into
02:37Empower from this point forward.
02:38And that means that we can leverage the automation and the capabilities of Empower to be able to support integrations
02:45with third-party services and bring all of that to bear here.
02:49So when Alice consents to credit, we can pull that credit report right away.
02:53Alternatively, if you prefer to wait, we can do that after she submits.
02:57It's entirely configurable.
02:58Employment and income is another great example.
03:01There's a lot of best practices around how you try to get that information about employment and income verified, where
03:08we can look for that instant hit behind the scenes based on the entry that she's put into the employment
03:13and income section.
03:14If we don't get that hit, we can always trigger a task for payroll provider information later or maybe even
03:19collect documents.
03:21From a financial assets perspective, we're leveraging an account check here.
03:24We're going to go on ahead and pull that information forward and get that asset information validated and brought forward
03:32from account check.
03:33But again, if she chose not to do that, that's perfectly fine.
03:35We can still fire tasks to get the documents.
03:40Now that we've wrapped up showing the liabilities back to her that we pulled from the credit report, we can
03:46wrap up that application.
03:48Alice is completely through completing the application, so she hits submit.
03:52So this is an important point in the process because there's a lot of automation that occurs after you submit
03:58an application.
03:58We're going to run dual AUS.
04:01We're going to apply some overlay logic on top of that to make sense of dual AUS and determine what
04:06kind of conditioning we need to apply to this loan and what we need to ask Alice for.
04:10So in this case, we weren't able to get income verified from a direct hit.
04:15And instead, we're going to go ahead and capture some data from documents.
04:18But that's OK. It doesn't take us out of an automated flow.
04:21We can still leverage the data from the documents to calculate income and asset.
04:26So we're going to go ahead and take the the pay stubs and the W-2s from Alice.
04:31She's going to go ahead and upload those into the borrower experience.
04:35And as she completes that process and uploads those documents and completes that task, those tasks move from the open
04:43tasks to the completed tasks.
04:46So at this point, we now can show a little bit about what's happened behind the scenes.
04:52When that application was first taken, if we look at Empowered, the data that was in there for ABC Construction
04:58was $7,500, which is what Alice entered in the application.
05:02We took the data, though, from the documents and AVA Assist went to work on that data, identified that it
05:08was a semi-monthly pay stub, for example, calculated out what that income was, determined it's actually $76.92.
05:14And then provided that information back to Empowered.
05:17So now, throughout that process, as we're verification, verifying information, that's going back into the process and allowing us to
05:24use that data in the rest of the automated flow.
05:28So Empowered has also automated much of the review process.
05:33So we've validated price on that loan request.
05:36We've set the application date systematically.
05:38We've run property tax information, run in housing counseling agency information.
05:43We've run fee services.
05:46We've even auto-disclosed on the loan at this point.
05:49We've run regulatory assist to get that compliance information and compliance risk identified.
05:54And then also automatically resubmitted the AUS and resubmitted our decision select services, which allows us to make sense of
06:03what's coming back from the AUS.
06:04And the result of that is we're able to generate a conditional approval package for ALICE.
06:09So when ALICE comes back to the borrower experience, she can see that conditional approval notice.
06:15She'll go on ahead and open up that document.
06:18She can download it, print it, and take it back with her to do as she would like.
06:24But not every lender is really interested in having this operate in a borrower self-serve fashion.
06:29And we recognize that.
06:30And it's important to include loan officers in this process and allow loan officers to do their thing as well.
06:35So from a loan officer portal perspective, loan officer can go in and look at all the major events on
06:41a loan, see what has happened on that loan, see that the documents have come in and have already been
06:47processed by AVA.
06:48From there, the loan officer can run a conditional approval request manually and select that.
06:54That allows the loan officer to be the human in the loop for determining when it's time, when that loan
06:58is really ready to go through the underwrite process.
07:00And once that's completed, then a loan officer can, again, take a look at those major events and see that
07:07that automated underwrite process has completed and has completely run.
07:12And can then take that information, go back and view the documents once they've determined that, yes, that conditional approval
07:21process has run.
07:24Identify that conditional approval document and open that up as well.
07:28So all of this that we're showing you is really the result of collaboration with our lender clients, which is
07:34hugely important to us because we really honestly believe that we are all smarter together.
07:38Craig, thank you so much for taking me through that demo.
07:41To our audience, for more information about what Dark Matter is up to and the latest innovations, you can click
07:46the link below.
07:47Thank you very much.
Comments