Insights for Lenders
During an exclusive demo of the product with HousingWire, MMI’s chief technology officer, Dan Jones, revealed that MMI users can now tap into a wealth of mortgage intelligence through an AI-powered chatbot. Users can ask questions like, “Which lenders saw the most growth in purchase volume in California last quarter?” or inquire about their own production data, such as retention rates over the past five years.
The chatbot is fueled by MMI’s extensive database, which includes 500 million origination records spanning 25 years, over 8 terabytes of data, and real-time insights on more than 150 million properties and 3,000 counties.
According to Jones, the chatbot’s history is constantly updated with the latest data, providing a personalized experience for users. It can field a variety of questions, from identifying top lenders and loan officer rankings to broker wallet share and mortgage retention rates. Loan officers can even ask MMI to pinpoint clients with the highest potential for refinancing.
ChatMMI is the latest addition to MMI’s suite of mortgage technology solutions, which includes MMI Data Center, Bonzo, and Monitorbase. Jones mentioned that while ChatMMI will integrate with Bonzo, it can also work with other customer relationship management (CRM) platforms chosen by users.
MMI plans to offer ChatMMI at no extra cost to existing users, with a new platform called Pathways Home set to launch later this year for less than $100 a month. This platform will combine MMI’s top products to provide comprehensive insights to clients.
Ben Teerlink, founder and CEO of MMI, emphasized the importance of fast and easy access to data with ChatMMI. He highlighted that the tool goes beyond typical AI chatbots by leveraging MMI’s finely-tuned data, offering detailed insights down to the individual loan officer level.
Teerlink and Jones’s industry expertise were instrumental in developing ChatMMI, with a focus on meeting the specific needs of originators in the mortgage industry. Their unique approach to incorporating years of refined data sets ChatMMI apart from other solutions on the market, providing users with unparalleled accuracy and depth of information.