Name: Lendsmart
Uploaded: 2021-08-10T21:04:20.704Z
Duration: 614.04
Description: Lendsmart was developed to eliminate the stress, confusion, reduce time and provide operational cost savings to Lenders that need to provide a unique digital experience to their current and future customers.

Ben Mullins - FinovateEurope 2020 _ Dorsum (1).mp4

Ben Mullins - Lendsmart_ Dorsum.vtt

English

{{00:00:11}}
Good afternoon all, my name is Jim co founder and COO of Lendsmart.

{{00:00:17}}
Also joining me is AK Patel, CEO and founder of Lendsmart.

{{00:00:21}}
He'll be helping me drive our live demo today.

{{00:00:24}}
We stand for smarter lending.

{{00:00:27}}
We can all agree that the home buying journey and lending
process is painful for both the borrower and lender

{{00:00:34}}
here at Lendsmart, we have built an AI driven digital
lending platform, coupled with a home buying marketplace.

{{00:00:42}}
Now for our lenders, we have been able to save you time, increase
productivity, increase your profits while providing a next

{{00:00:50}}
generation digital experience for both your home buyer and lender.

{{00:00:56}}
The digital experience starts with the home buyer, providing
a city town or an address of a property they're interested in.

{{00:01:04}}
We import all data points of that property that are critical, not only
to the loan application, but for the whole home buying transaction.

{{00:01:13}}
I also wanted to mention that our platform is 100% customizable
to the lenders branding and marketing requirements.

{{00:01:22}}
Next, we take our home buyer through a conversational
style experience with Lendsmart proprietary platform that

{{00:01:29}}
starts to auto-populate a 10 0 3 mortgage application.

{{00:01:34}}
The only questions the home buyer is going to
answer in the platform are the ones we can't get

{{00:01:40}}
from the documents or data that will be uploaded.

{{00:01:43}}
The home buyer will also select a loan officer from the
lenders mortgage team that can help them along the way.

{{00:01:51}}
After picking the loan officer, they will show up on the right side
of the platform becoming part of the team of experts and advisors.

{{00:02:00}}
The home buyer will, will, will rely on during the home purchase.

{{00:02:05}}
Anytime the home buyer needs help, they can simply
click on the experts profile to start communities.

{{00:02:11}}
Later on, we will show you how the rest of
those experts and advisors are selected.

{{00:02:17}}
We use technology to facilitate and capture the relevant
data and required documents to complete that location.

{{00:02:25}}
An interactive I-frame experience is
used to collect financial statements.

{{00:02:31}}
Here, you can see how the home buyer logs into their financial
institution and select the accounts that are needed for the loan.

{{00:02:39}}
Not only do we have the financial statements, but we take the data
off those statements to help complete the mortgage application.

{{00:02:48}}
The ability to securely transmit pictures of documents from your
mobile phone, straight to the application is also available.

{{00:02:56}}
We also provide access to cloud storage within the platform.

{{00:03:00}}
The home buyer can upload documents from anywhere
or upload all your documents at one time.

{{00:03:07}}
Don't worry, our AI can decipher it.

{{00:03:10}}
If it's the right document where it belongs and take
the data from it to complete the mortgage application.

{{00:03:17}}
Instead of opening up multiple tabs, downloading all
these documents to your desktop, emailing them separately

{{00:03:23}}
to yourself or the loan officer, you can do it all in
a single digital experience on the Lendsmart platform.

{{00:03:29}}
We use proprietary technology to read each document, no matter
how the home buyer, which is to provide those documents.

{{00:03:37}}
It gives the lender, the power to get the information the right
way, the first time, ultimately saving the lender money and time.

{{00:03:47}}
As the AI is interpreting all this information, we can
instantly verify identity assets, income, and employment.

{{00:03:57}}
The verification reports generated fulfill the
day one certainty requirement, the lender needs.

{{00:04:03}}
The AI is also comparing it to all the
200 plus conditions that Freddie Mac has.

{{00:04:11}}
We auto-generate those letters of explanations
now, rather than 30 days down the road.

{{00:04:17}}
These processes generally take days and weeks to complete.

{{00:04:21}}
Imagine the time and money the lender
will be saving using our technology.

{{00:04:27}}
In order to really buy a home, you need several
people at many different stages of the home buying

{{00:04:34}}
process to help you, but first you need to find them.

{{00:04:38}}
The home buyer is able to create their own team of experts and
advisors based on their personal professional and social networks.

{{00:04:47}}
Now, instead of later, they won't be surprised in that process.

{{00:04:54}}
Our proprietary technology can identify, if they already exist
in their networks or the lender can choose to show their own

{{00:05:02}}
network of experts and advisors for the home buyer to choose
from the major components of the home buying transaction are to

{{00:05:10}}
have a great real estate agent, the right real estate attorney,
but right home inspector, home insurance, and a reliable title

{{00:05:19}}
company, identifying these individuals could take days or weeks.

{{00:05:25}}
After submitting the application, the home buyer
will interact with their personal mortgage dashboard.

{{00:05:32}}
They will always know where they are in the process, get a
better understanding of the different loan products the homebuyer

{{00:05:38}}
qualifies for and what's really involved in closing costs.

{{00:05:43}}
Kind of like a loan estimate, but much easier to understand.

{{00:05:47}}
The dashboard is where the home buyer will also complete
any tasks that need to be done such as signing off on

{{00:05:53}}
disclosures, any forms that are required for the loan and
letters of explanation that our AI platform has auto-generated.

{{00:06:02}}
Here you can see that our AI has identified a
large cash deposit from their financial statements.

{{00:06:10}}
The home buyer would be able to provide
an explanation on where those funds came.

{{00:06:16}}
This is the lender dashboard for the loan officer.

{{00:06:19}}
Each tile represents a loan that has
been submitted by a potential home buyer.

{{00:06:24}}
By clicking on a tile, the loan officer
will have access to the application.

{{00:06:30}}
The loan officer has the ability to utilize a number of tools
and resources to help manage, organize, and process the loans.

{{00:06:39}}
The loan officer can review all the
documents that have been submitted.

{{00:06:43}}
Look at the auto completed 10 0 3 mortgage application and any of
the letters of explanation that have been filled by the home buyer.

{{00:06:53}}
The loan officer has the ability to add their own
team members to help process and underwrite the loan.

{{00:07:01}}
They can assign tasks to the home buyer to complete just in
case they need additional information, financial statements, or

{{00:07:10}}
supporting documentation to help finish the loan application.

{{00:07:16}}
The loan officer can provide remote services through our impersonate
function for those home buyers that might need a little hand holding.

{{00:07:24}}
Generally, it is usually quite difficult to keep track of everything
and everyone, our communication tool allows all participants

{{00:07:33}}
in the home purchase to use a single communication portal.

{{00:07:37}}
All experts and advisors are able to communicate, share
information documents, and check the status all in one area.

{{00:07:47}}
All being unified with one goal in mind, to help the
home buyer get into their new home as fast as possible.

{{00:07:55}}
Not only do we auto complete the mortgage application, but we
help complete the whole home purchase journey from generating

{{00:08:03}}
letters of explanation that have been completed and picking all
the key advisors that are required - all done in 15 minutes with

{{00:08:12}}
the tools and resources that are available to a loan officer at
their fingertips, we're able to increase loan production, improve

{{00:08:20}}
your mortgage team's productivity, save time, give the ability
to close on loans quicker and improve the lenders of bottem line.

{{00:08:29}}
That's the end of our demo.

{{00:08:31}}
Greg, do you have any questions for us?

{{00:08:34}}
Yeah.

{{00:08:34}}
And I mean that that's terrific.

{{00:08:35}}
Thanks so much.

{{00:08:36}}
So I do have one, I know you guys are
live now with a couple of customers.

{{00:08:40}}
What's the response been like from them?

{{00:08:42}}
You know, the, the product in the real world.

{{00:08:45}}
It's actually been amazing, our clients
have given us unbelievable feedback.

{{00:08:49}}
One particular client has seen a 200% increase in loan production.

{{00:08:54}}
So going from about 30 loans a week to about 90.

{{00:08:58}}
So in an instant increase in production.

{{00:09:03}}
Wow, that's  fantastic.

{{00:09:04}}
So I know you going through this, obviously this is your platform.

{{00:09:07}}
You're able to go through it pretty cleanly, but
you're seeing that your average users are still able

{{00:09:11}}
to do this in about 15 minutes- is that hold true?

{{00:09:15}}
Actually a little bit less.

{{00:09:17}}
We've been seeing an average of about 13 minutes from
providing the documentation, picking the key players in the

{{00:09:24}}
home buying purchase and then completing all their tasks.

{{00:09:27}}
It takes about an average of 13 minutes for the mortgage
product, for the small business lending product.

{{00:09:33}}
We seeing an average time about 21 minutes.

{{00:09:37}}
Okay, great.

{{00:09:38}}
Well, so that's about it for the time we have here today.

{{00:09:40}}
Any kind of closing thoughts that you'd like to share with anybody?

{{00:09:44}}
I would just like to say thank you for giving
us the opportunity to demo our product.

{{00:09:48}}
If anybody has any questions, don't hesitate to reach out
to us at info@lendsmart.ai, or we would love to see you

{{00:09:55}}
live at the virtual booth to answer any of your questions.

Good afternoon all, my name is Jim co founder and COO of Lendsmart.

Also joining me is AK Patel, CEO and founder of Lendsmart.

He'll be helping me drive our live demo today.

We can all agree that the home buying journey and lending
process is painful for both the borrower and lender

here at Lendsmart, we have built an AI driven digital
lending platform, coupled with a home buying marketplace.

Now for our lenders, we have been able to save you time, increase
productivity, increase your profits while providing a next

generation digital experience for both your home buyer and lender.

The digital experience starts with the home buyer, providing
a city town or an address of a property they're interested in.

We import all data points of that property that are critical, not only
to the loan application, but for the whole home buying transaction.

I also wanted to mention that our platform is 100% customizable
to the lenders branding and marketing requirements.

Next, we take our home buyer through a conversational
style experience with Lendsmart proprietary platform that

starts to auto-populate a 10 0 3 mortgage application.

The only questions the home buyer is going to
answer in the platform are the ones we can't get

from the documents or data that will be uploaded.

The home buyer will also select a loan officer from the
lenders mortgage team that can help them along the way.

After picking the loan officer, they will show up on the right side
of the platform becoming part of the team of experts and advisors.

The home buyer will, will, will rely on during the home purchase.

Anytime the home buyer needs help, they can simply
click on the experts profile to start communities.

Later on, we will show you how the rest of
those experts and advisors are selected.

We use technology to facilitate and capture the relevant
data and required documents to complete that location.

An interactive I-frame experience is
used to collect financial statements.

Here, you can see how the home buyer logs into their financial
institution and select the accounts that are needed for the loan.

Not only do we have the financial statements, but we take the data
off those statements to help complete the mortgage application.

The ability to securely transmit pictures of documents from your
mobile phone, straight to the application is also available.

We also provide access to cloud storage within the platform.

The home buyer can upload documents from anywhere
or upload all your documents at one time.

If it's the right document where it belongs and take
the data from it to complete the mortgage application.

Instead of opening up multiple tabs, downloading all
these documents to your desktop, emailing them separately

to yourself or the loan officer, you can do it all in
a single digital experience on the Lendsmart platform.

We use proprietary technology to read each document, no matter
how the home buyer, which is to provide those documents.

It gives the lender, the power to get the information the right
way, the first time, ultimately saving the lender money and time.

As the AI is interpreting all this information, we can
instantly verify identity assets, income, and employment.

The verification reports generated fulfill the
day one certainty requirement, the lender needs.

The AI is also comparing it to all the
200 plus conditions that Freddie Mac has.

We auto-generate those letters of explanations
now, rather than 30 days down the road.

These processes generally take days and weeks to complete.

Imagine the time and money the lender
will be saving using our technology.

In order to really buy a home, you need several
people at many different stages of the home buying

process to help you, but first you need to find them.

The home buyer is able to create their own team of experts and
advisors based on their personal professional and social networks.

Now, instead of later, they won't be surprised in that process.

Our proprietary technology can identify, if they already exist
in their networks or the lender can choose to show their own

network of experts and advisors for the home buyer to choose
from the major components of the home buying transaction are to

have a great real estate agent, the right real estate attorney,
but right home inspector, home insurance, and a reliable title

company, identifying these individuals could take days or weeks.

After submitting the application, the home buyer
will interact with their personal mortgage dashboard.

They will always know where they are in the process, get a
better understanding of the different loan products the homebuyer

qualifies for and what's really involved in closing costs.

Kind of like a loan estimate, but much easier to understand.

The dashboard is where the home buyer will also complete
any tasks that need to be done such as signing off on

disclosures, any forms that are required for the loan and
letters of explanation that our AI platform has auto-generated.

Here you can see that our AI has identified a
large cash deposit from their financial statements.

The home buyer would be able to provide
an explanation on where those funds came.

This is the lender dashboard for the loan officer.

Each tile represents a loan that has
been submitted by a potential home buyer.

By clicking on a tile, the loan officer
will have access to the application.

The loan officer has the ability to utilize a number of tools
and resources to help manage, organize, and process the loans.

The loan officer can review all the
documents that have been submitted.

Look at the auto completed 10 0 3 mortgage application and any of
the letters of explanation that have been filled by the home buyer.

The loan officer has the ability to add their own
team members to help process and underwrite the loan.

They can assign tasks to the home buyer to complete just in
case they need additional information, financial statements, or

supporting documentation to help finish the loan application.

The loan officer can provide remote services through our impersonate
function for those home buyers that might need a little hand holding.

Generally, it is usually quite difficult to keep track of everything
and everyone, our communication tool allows all participants

in the home purchase to use a single communication portal.

All experts and advisors are able to communicate, share
information documents, and check the status all in one area.

All being unified with one goal in mind, to help the
home buyer get into their new home as fast as possible.

Not only do we auto complete the mortgage application, but we
help complete the whole home purchase journey from generating

letters of explanation that have been completed and picking all
the key advisors that are required - all done in 15 minutes with

the tools and resources that are available to a loan officer at
their fingertips, we're able to increase loan production, improve

your mortgage team's productivity, save time, give the ability
to close on loans quicker and improve the lenders of bottem line.

So I do have one, I know you guys are
live now with a couple of customers.

You know, the, the product in the real world.

It's actually been amazing, our clients
have given us unbelievable feedback.

One particular client has seen a 200% increase in loan production.

So going from about 30 loans a week to about 90.

So I know you going through this, obviously this is your platform.

You're able to go through it pretty cleanly, but
you're seeing that your average users are still able

to do this in about 15 minutes- is that hold true?

We've been seeing an average of about 13 minutes from
providing the documentation, picking the key players in the

home buying purchase and then completing all their tasks.

It takes about an average of 13 minutes for the mortgage
product, for the small business lending product.

We seeing an average time about 21 minutes.

Well, so that's about it for the time we have here today.

Any kind of closing thoughts that you'd like to share with anybody?

I would just like to say thank you for giving
us the opportunity to demo our product.

If anybody has any questions, don't hesitate to reach out
to us at info@lendsmart.ai, or we would love to see you

live at the virtual booth to answer any of your questions.

Lendsmart was developed to eliminate the stress, confusion, reduce time and provide operational cost savings to Lenders that need to provide a unique digital experience to their current and future customers.