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Homebuyers Identified by Lenders using AI

If mortgage Lenders could figure out when their existing customers were considering relocating, they could offer to assist them in finding a new house while also prequalifying them for a loan. Senso, a Toronto-based fintech analytics business, has come out with two complimentary services for mortgage Lenders. Senso Insights uses artificial intelligence to assess a current pool of borrowers in order to discover individuals who are actively searching to buy their next house.

Senso Engage provides personalised listings prioritised by neighbourhood and affordability, as well as access to loan pre-approval, after calculating each homebuyer’s purchasing power. This automated lead nurturing strategy can prevent borrowers from switching Lenders. Interest rates are projected to climb next year as the Federal Reserve withdraws its support for mortgage markets, putting an end to a refinancing boom that has resulted in large profits for Lenders.

Homebuyers Identified by Lenders using AIHowever, Fannie Mae economists estimate mortgage Lenders to increase the number of purchase loans by 7%, reaching around $2 trillion. Toronto-based Senso claims to have been developing its AI and machine-learning technology since 2018, working with banks to develop prediction ratings that can detect active borrowers “months before their next home purchase or refinance.”

Senso has refused to say where the listing data it gives to would-be purchasers comes from or which markets are covered. Senso, which was founded in 2017, announced in July 2020 a $3 million (in US dollars) funding round headed by Boston-based Mendoza Ventures and San Francisco-based Breakaway Growth. Luge Capital, iNovia Capital, and BDC from Toronto, as well as Rising Tide from San Francisco, took part.

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