PHH Mortgage launched an AI assistant, LASI, on its LoanSpan platform to enhance client data access.
Quiver AI Summary
PHH Mortgage, a subsidiary of Onity Group Inc., has launched an AI assistant named LASI through its LoanSpan platform to improve client access to data and enhance the client experience. LASI helps clients retrieve information from a variety of documents quickly and accurately, understands complex queries, and reduces the need for manual searches. This tool is currently available to PHH's subservicing clients on LoanSpan.com and features built-in security measures to protect sensitive data. The initiative reflects PHH's commitment to leveraging technology for better client support, following a comprehensive upgrade of the LoanSpan platform in 2023.
Potential Positives
- PHH Mortgage has launched an AI assistant, LASI, enhancing the client experience by allowing quicker access to complex data and analytics through its LoanSpan platform.
- The introduction of LASI showcases PHH's commitment to leveraging advanced technology to improve customer service and operational efficiency.
- LASI's ability to provide personalized and accurate responses to client queries reduces the time and effort necessary to access important information, which can lead to increased client satisfaction.
- LoanSpan is positioned as a "one-stop shop" for clients, highlighting its comprehensive tools and resources that support effective mortgage servicing.
Potential Negatives
- The press release lacks specific data or metrics to support the effectiveness and user adoption of the new AI assistant, LASI, which may leave stakeholders questioning the actual impact of this technology on client experience.
- The mention of forward-looking statements indicates potential risks and uncertainties that could affect PHH's ability to deliver on the promises made, raising concerns about the reliability of their projections.
- While the press release highlights the comprehensive upgrade of the LoanSpan platform, it does not address any past deficiencies or customer feedback regarding the platform, which may suggest ongoing issues that have not been fully resolved.
FAQ
What is the AI assistant LASI launched by PHH Mortgage?
LASI is an AI assistant integrated into the LoanSpan platform, designed to enhance client experience by providing quick, personalized responses to queries.
Who can use the LASI feature?
LASI is currently available for PHH subservicing clients on LoanSpan.com.
What benefits does LASI provide to clients?
LASI retrieves information from various documents, understands unstructured questions, eliminates manual searches, and ensures data security.
How does LASI enhance the client experience?
It simplifies access to information, allowing clients to get the answers they need efficiently and with less effort.
What does the LoanSpan platform offer?
LoanSpan provides information access, customizable dashboards, and a one-stop shop for loan and customer data insights.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
WEST PALM BEACH, Fla., Feb. 03, 2025 (GLOBE NEWSWIRE) -- PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced that the Company has launched an AI assistant through its LoanSpan client reporting and analytics platform to enhance the client experience.
LoanSpan’s AI assistant (“LASI”) is focused on making it easier for clients to access the vast amounts of data within the platform. LASI can quickly analyze text queries and provide personalized and accurate responses. LASI is currently available for PHH subservicing clients on LoanSpan.com .
Key LASI features and benefits include:
- Ability to retrieve answers from hundreds of documents and sources, such as policies and procedures, user manuals, client communications, presentations, educational videos and more
- Intelligence to understand unstructured questions at a detailed level and provide thorough responses
- Eliminates the need to manually search and review various documents
- Seamlessly escalates questions to PHH’s Client Relations team
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Built-in security measures to protect sensitive information
“We are excited to launch LASI as it demonstrates our continued commitment to leveraging the latest technology to create better experiences for our clients and their homeowners,” said Walt Mullen, Executive Vice President and Chief Strategy Officer at Onity Group. “Our goal with LASI is to make it simple and easy for clients to get the information they need whenever they need it and with significantly less effort.”
LoanSpan is PHH’s proprietary knowledge platform designed for its subservicing clients to access a wealth of information about their customers and their portfolio, as well as various tools and resources. Clients can also utilize an integrated analytics tool to view customizable dashboards to monitor portfolio and loan-level performance and KPIs. The platform is a “one-stop shop” for PHH’s clients, many of whom have said it is a best-in-class offering for both loan and customer data and insights. LoanSpan completed a comprehensive upgrade in 2023 to enhance the user interface and incorporate additional self-service tools. LASI is an investment in the latest technology and demonstrates PHH’s commitment to constant improvement to meet the needs of its clients.
About Onity Group
Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com .
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding the expected features and performance of LoanSpan and LASI and PHH’s ability to provide technology and performance improvements to PHH subservicing clients.
Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, changes in our business condition and our ability to invest in technology improvements, changes in market conditions, the industry in which we operate, and our business, the actions of governmental entities and regulators, and other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2023 and any current report or quarterly report filed with the SEC since such date. Anyone wishing to understand Onity Group Inc.’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.
For Further Information Contact:
Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
[email protected]