How to Use Automation to Drive More Business to Your Organization
The industry continues to hunger for technology to improve workflow, as well as streamline and automate operational efficiencies. While these...
3 min read
The Federal Housing Finance Agency (FHFA) held its annual TechSprint this July with a focus on generative Artificial Intelligence (AI) in housing finance. Hosted by FHFA’s Office of Financial Technology (OFT), the interactive problem-solving event tapped industry professionals from technology, regulatory, housing, and consumer finance in an effort to explore further the responsible use of generative AI in the housing finance arena. A key component of event participation was the consideration of “How might the responsible use of generative AI promote a transparent, fair, equitable, and inclusive housing finance system, while fostering sustainable homeownership and rental opportunities?”
Adding to the complexity of the current AI landscape and industry focus, we are collectively grappling with the rampant evolution and use of AI. This makes it crucial to develop a strategy that embraces industry focus, such as generative AI. However, it is equally important to make certain that you don’t move forward with blinders on, which means examining the correlations, impacts, and distinctions between generative AI and deterministic process automation and AI models. Your vendor partners should be in sync with your direction but also strategically using a combination of generative AI and deterministic workflow to ensure you’re able to leverage opportunity while managing risk and results.
FHFA’s TechSprint challenge tasked participants with demonstrating their innovative approach to AI with a key use case and description of control measures in each of the following areas of focus:
- Consumer Experience
- Assessing Creditworthiness
- Operations
- Risk Management & Compliance
The attention was directed towards the generative model. Generative AI uses learning patterns to generate new content, including text, images, and even audio. The core principle is to create something new based on extensive data input, as opposed to simply recognizing patterns or making classifications. This can create possible imperfect outcomes if based on incorrect operational patterns or left unchecked by a deterministic workflow. Exploring the advantages of generative AI and using the benefits are the next steps in evolving our industry; however, it is important to proceed cautiously.
Looking back at the TechSprint challenge in consideration of new and novel uses of AI, Clarifire is prepared to assist you in readily embracing TechSprint ideals so you’re ready to compete and expand. CLARIFIRE combines current innovations along with proven technology that will secure your risks and control, no matter what the AI, regulatory, or economic landscape looks like.
Expanding The Consumer Experience
“How might generative AI be used to further educate and empower prospective homebuyers in evaluating, comparing, and obtaining a mortgage loan and in sustaining their homeownership over time?”
Your customers want a full borrower self-service portal that includes the capacity to submit requests and automatically receive meaningful results. CLARIFIRE® offers dynamic workflow (bi-directional) that accelerates customer satisfaction while providing auditable results.
Evaluating Homebuyer Creditworthiness
“How might generative AI be used to improve the evaluation of homebuyer credit, as well as the fairness of the credit decisions related to mortgage loans, particularly for homebuyers from underserved communities?”
The depth and breadth of CLARIFIRE®’s eligibility engine, coupled with integrations to credit reporting partners, produces workout results that are specific to the distressed homeowner. This proven approach delivers answers and options that provide meaningful responses and relief for your distressed borrowers, as well as access to educational resources, documents, and more. By coupling generative AI with deterministic process automation, you’re able to create a foundation that supports successful industry-changing strategies.
Enhancing Operational Processes
“How might generative AI be used to enhance the efficiency and effectiveness of operational processes within the housing finance system, from origination to servicing and secondary market activities?”
This is where CLARIFIRE® truly excels, providing process automation with the business rules and guard rails in place to deliver repeatable and auditable results. Together, we ensure that operational processes are a springboard for the successful acceleration of automation.
Elevating Risk Management & Compliance
“How might generative AI be used to enhance the effectiveness of risk management and compliance processes within the housing finance system?”
When you have a system that was specifically built to automate the complexity of industry processes and regulations, you know you’ll be way ahead of the competition. CLARIFIRE®’s advanced workflow uses intelligent business rules that will inherently elevate your capacity to manage costs, efficiency, risk management, and compliance quality. Once the business rules and processes are implemented with CLARIFIRE, generative AI is a safer addition to the arsenal.
As you analyze your business and where you’d like to be in 2025, don’t do it alone. Explore and implement system modernization that is easily deployed and integrates data, rules, and third-party services across your overall operational platform while keeping your business transparent, agile, and efficient. Let CLARIFIRE® help you fully leverage the benefits of AI coupled with process automation. Tap into the roadmaps pursued by the industry and, most importantly, realize your opportunities and accelerate your capabilities.
Direct your 2025 AI strategy with CLARIFIRE®. Intelligent, next-generation automation that you can incorporate into your business today. Contact us directly at eClarifire.com and begin to experience Truly BRIGHTER AUTOMATION® with CLARIFIRE®.
Jane has applied her vast experience (over 25 years) operating process-driven businesses to successfully redefine client-focused service. Jane has worked with expert programmers to apply cutting-edge web-based technology to automate complex processes in industries such as Financial Services, Healthcare and enterprise workflow. Her vision confirms Clarifire's trajectory as a successful, scaling, Software-as-a-Service (SaaS) provider. A University of South Florida graduate, Jane has received many awards related to her entrepreneurial skills.
Like this article? Feel free to share this with a friend or colleague!
How to Prepare For and Measure the Effectiveness of AI in Your Servicing Operations?
In today’s technologically advanced world, artificial intelligence is rapidly evolving and emerging through the modernization and adoption of...
Do You Know What the New Decade Holds for Customer-Centric Servicing?
Clarifire recently released its white paper on the current approach to customer-centric servicing and the corresponding key drivers as we head into a...