Shaping the Next Generation Fintech Revolution

Key Points:

  • Dark Matter Technologies focusses on the rapid adoption of AI and machine learning in mortgage lending.
  • The organization emphasizes developing software for personalized customizable options.
  • AI and ML tools enhance human capability and will not entirely replace people.
  • Possible challenges for 2024 include housing affordability issues and the need for robust cyber security measures.

Dark Matter Technologies, the rebranded form of Black Knight Origination Technologies LLC, is primed to revolutionize the mortgage industry with new and innovative products. The company is driven by a mission to support, grow, and aggressively innovate new and existing products, such as the AIVA artificial intelligence (AI) solution and the Empower Loan Origination Platform. Blake Gibson, Dark Matter Technologies’ EVP and General Counsel, explained that the essence of “dark matter” in science – an invisible force supporting the structure of the universe – reflects the company’s operating principles, envisioning itself as a critical foundation in their clients’ operations. The goal is to provide scalable solutions, revealing hidden insights, connecting seamlessly with advanced capabilities and driving innovative market-leading innovations.

According to Gibson, the industry is currently observing an adoption trend towards exception-based processing. This strategically uses the workforce to manage exceptions rather than repetitive tasks, significantly streamlining workflows and allowing professionals to concentrate on more complex aspects of their work. The rapid adoption of AI includes conversational AI tools, designed for consumers and lender employees, enhancing customer experiences and streamlining internal processes. Moreover, technology increasingly supports the demand for affordable housing solutions, promoting innovative financing options and cooperative housing models.

While AI and machine learning (ML) tools continuously evolve and enhance the mortgage industry, Gibson emphasized they would not wholly replace human touch. Instead, these will enhance human efficiencies. As for 2024’s anticipated headwinds, Gibson suggested affordability could pose a significant hurdle while interest rates soften. Limited inventory and demand will support price growth, which likely will limit purchase growth and pose challenges for potential homebuyers. Furthermore, as digitization increases, robust cybersecurity measures are critical to safeguard sensitive borrower information against potential cyber threats.