[David] Listeners, welcome back to another podcast with The Lykken on Lending and we’re focusing again on Angel AI and more focused on artificial intelligence. Joining me on the podcast today is my good friend, Pavan. Good to have you back, Pavan.
[Pavan] It’s great to be back and we have two amazing guests on today. And actually, I think two incredible kids that have built an incredible mortgage company in Scottsdale, Arizona. And relative to me and you David, they are kids. Probably more so to me than to you.
[David] Yeah, they’re more like grandkids for me. I’m 74, they look pretty young anyway. Anyway, I’m really excited. the name is Chris and Collin, right? So tell us a little bit about your company, Chris and Collin. We’re going to come back and talk more about it, but give us our audience a little bit. Who are you guys and how long you’ve been in business and a little background of how you’re going about this. I’m assuming you’re retail loan originators.
[Chris] Yeah, so we started back in February of 23 and then Collin joined us. think he was, you’re the first employee Collin or the second?
[Collin] I think I was the first.
[Chris] You’re the first. Yeah. So, then Collin came over. We took our time. The market was a little slow. we had no idea what we were doing. So, we took a while to really get up and running. And then once we did, we got Collin. We’re like, this works. Let’s do more. And then we just kept getting more people and it kept working. And yeah, I was just keep it going. we were kind of fumbling around figuring it out. And SunWest has been just up to dive right into it. And Angel AI has been our biggest partner and
[David] and growing and growing good.
[Chris] Very big part of our success. So, we’re happy to come and talk about all this stuff today because we’re actively using AI and it’s working great for us.
[David] That’s good. We want to hear about that. Pavan, I want to come back to you. One of the things you and I have been talking about and I’ve been hearing about, and I reached out to you to have you on, on this podcast to talk about cognitive AI versus AI. I’ve been doing some research on this. Cognitive AI listeners is more replicating human thought, the critical thought processes. Pavan, that’s a brief, maybe a reckless introduction on it. Would you kind of walk our listeners through the difference between
[Chris] Okay.
[David] AI, which we’re hearing about so much across the industry, and cognitive AI.
[Pavan] Yeah, that’s a great question. The term that the tech industry been using is called artificial general intelligence, AGI. And if you listen to Sam Altman or Mark Zuckerberg, they’ll be talking about this. AGI is coming. AGI is coming. Elon Musk says that all the time. and I think that’s what you mean by cognitive AI. Going to use the term Artificial General Intelligence, AGI. So, what a or a human child for the first time you saw a water bottle, you’d see an example of a water bottle and an example of a water bottle. All you’d ever need is these two examples. And then you see any other bottle. If you saw a third bottle, you would be like, that’s a bottle. And so, if you were a human and then you see this, a glass, you would know that’s not a water bottle or that’s not a bottle. But in today’s AI, if it only had these two samples, it cannot determine that this is not a bottle. It would probably guess that it is a bottle because it has more properties that are like a bottle than are not.
[David] For our listeners are just listening to the audio version The water bottle is the bottled water that you’d buy in a vendor. And then he’s holding up like a cup that’s obviously as open at the top, you’d pour the water into. So, what you’re talking about is AI can’t discern that, but you’re saying AGI can.
[Pavan] AGI will be able to take a limited amount of data, like two samples like this, and then conclude that something like this, something, this cup, is not, at least it should be able to conclude that it’s not a bottle.
[David] And he’s holding up a cup. Okay.
[Pavan] It may not know that it’s a cup, but at least it would know it’s not a bottle. And so the difference between AGI and today’s AI. Today’s AI, in order for today’s AI to identify, if you take a picture of bottles, then it identifies all the bottles relative to the rest of the surrounding. It has to be trained with millions of pictures of bottles.
[Pavan] And then any new bottle that it sees, which is a slight variation of an existing bottle, maybe you see another bottle that doesn’t have ridges, or doesn’t have this blue label on it or something, right? It say, it’s close enough. It’s within the error tolerance, and that’s going to be a bottle. So that’s how current AI works, is that it needs a lot sample data and then if you have a lot of sample data you draw like a fuzzy graph around it so, there’s a tolerance of maybe five percent difference if you’re within that five percent you’re gonna say okay those are bottles so if the tolerance is narrow if the tolerance is narrow and you feed it with lots of data you can then for most practical purposes, detect a bottle.
[David] Alright, so let’s take that and equate that to now as a mortgage. That’s a great example. mean, we have two objects that are slightly different, but their bottles are their bottles of water. So now bring that forward to a mortgage. How does that relate to a mortgage? This is important listeners, because a lot of people are out there. We’re hearing more and more about AI. Well, we’ve got AI and you know, they may have a version of it. still impressive, but it’s still elementary to what you’ve developed at Angel AI. bring us what cognitive or AGI is in the mortgage world.
[Pavan] Yeah, the race right now, AGI doesn’t exist. There’s a race to create AGI, so that with limited amount of input, you can deduce a conclusion, The human brain is able to, with very little training data, is able to deduce and create new output. the world doesn’t at least as far as we know. There’s some rumors that Chat GPT OpenAI has it working inside. And who knows what they have and haven’t disclosed.
[Collin] Do you hear about that one that they said that they were going to delete it and then it started like cloning itself through a back door into another file folder? Do you hear about that one? We’re going to upgrade you or delete you or whatever. And then it started like fragmenting itself and putting it in the different folders so you couldn’t physically delete it or something like that.
[Pavan] I heard about that, yeah. Try to escape.
[David] Wow, that’s the HAL computer in that movie. He starts self-preservation. That’s interesting.
[Pavan] Yeah, again, it’s all, that self preservation is just training data, that’s all it is, right?
[Chris] Yeah.
[Collin] Yeah.
[Chris] You’re like, it doesn’t work like that. It’s not that smart. It’s not self aware.
[David] Okay right. So Pavan, again, an example for the mortgage world. Give us an example of the real world. so that’s a correction I need to have. I thought there was already some AGI in the market and in Angel AI. It’s not. So what is it that you have currently? It’s artificial intelligence and you’ve trained it on hundreds of thousands of loans that have you run and been working on for the last 24 years, am I correct in that?
[Pavan] Yeah, that’s correct. I’d love to say we came out with the artificial intelligence and win that prize and make all that money. But no we haven’t come up with with AGI. I understand the approach. I understand how that is being attacked, but that’s not our mission. Our mission is not to be the tip of the sword in AI research.
[David] Not yet.
[Pavan] Okay, our mission is not to come up with the next thinking machine. Okay, our mission is, however, to be the tip of the sword on delivering AI to uplift humanity. it’s two different, very different missions.
[David] Yeah. And you started in the mortgage space, you’ve added other things, credit repair and some other things that are very significant to help people on that. So that’s all good. that gives me some idea about cognitive, which is AGI, and we’re not quite there yet. Any idea when we will see that actually manifest?
[Pavan] Well, Musk and Sam Altman have said they expect to see it within the next two years, maybe three years. But they’ve also been trimming down the definition of AGI. they’re lowering expectations because they put the date out there, they put that out there a while ago, and their share prices are driven by this day. So now they’re trying to redefine it. There’s some expectation management because I think real AGI that they’re trying to achieve is that AGI and the true sense of it, I think is a ways away. I think it’s going to require some breakthroughs. However, there was a recent breakthrough which could really help us along, which is the new Google quantum chip, which is fascinating. I’m still studying that. So maybe the next podcast we do, can do a deep dive into the quantum chip and explain.
[David] Saw that it’s going to be in it could be the Nvidia killer or not. there’s a lot, but what you have built is up and running. It’s very powerful. there are some, unfortunately, the older ones in the industry are not getting it, but wehave Chris and Collin joining us on the podcast. I’m really interested as to what you guys saw. And how are you guys different? Why are you seeing it and using it? And I want to get into it. I’ll answer that question first, then we’ll get into, how you’re using it. But what is it that you saw? Why are you guys so different for so many in the industry that are saying, that’s interesting, but we’re sticking with our old tech stack and our old ways of going about things. Why did you see it differently?
[Chris] Well, to be honest, you know, we were getting phone calls from a gentleman named Raj and he would call incessantly from SunWest and I would kind of almost it was like a running joke about I got a call from Raj again. And he kept saying like, next day approval, you know, you’ll be a little bit underwritten by morning. And that’s what got my attention because, you know, that’s huge. Time is everything for us and for the borrowers, you know, want it done. And so it’s better when you’re fresh on your mind. I was like, all right, I’ll give it a go. So then we tossed a couple loans in with them. we’re still not using.
[David] We need to take off a couple of loans. I mean, you signed up,
[Chris] No. This was big mortgages with SunWest, right? So yeah, so then then I start to, I’m like, I don’t know, like, how to work the system. And then there’s just this button that’s like, angel AI. And so I click on it, I go, Hey, how do I do this? Boom, answer. How do I do this? Answer? Like, can you change the loan amount and change the lock and do all this? And you know, I’m like, asking us stuff. I’m like, there’s no way it’s gonna do this. And then it just does it. I’m like, this is awesome. Like, so we just
[David] This way you’re doing mortgage with someone.
[Chris] You it was kind of, we’re kind of blown away. And then I remembered looking at people and being like, have you tried this thing? Like, and then, he’s not on here, but he is on figured out the, the full pane one where you can have like 20 different tasks going. And so if you were to come in the office and look at my screen on a given day, you know, I have like 20 of these chats for different loans going, each one’s like the loan number and I’m working all of them simultaneously.
[David] A reality that Pavan, I mean, he’s created something that does not exist. The market is not dissing anybody by saying that.
[Chris] Yeah.
[Collin] You don’t even need to be a loan officer either. You can just get it on your phone. Download Angel AI on the App Store. Like, I can log into my portal from my phone and upload like insurance for a condition or it’s just like very easy.
[Chris] Yeah.
[David] So, Chris, you started looking at it, then you have that open. We interviewed Jennifer Martinez, which has been a pretty experienced user of Angel AI. And she says now she has the same thing. She has a session open for every single loan. Is that a case? Is that how you refer to it? Is that considered a case or an Angel AI for every single loan? Is that right?
[Chris] It’s like a task, I think they call it. Yeah.
[Pavan] Yeah, we call it, we call it errand because, because you’re giving her an Errand to run.
[Chris] Right, errands.
[David] Okay. so you say like 10 or 20 of those open on your computer at any given time, just doing different things. It’s like having a whole room full of assistance right outside your door.
[Chris] It is. Yes. It’s honestly incredible. It works so well. when you start using it, you can mix it up. If you try to ask like 15 questions in a row and it thinks it’s the same errand. So I could see how someone could just be like, it doesn’t work right. If they did it that way. But if you just split them all out and give each errand, that’s probably why you call it errands. Cause that’s what it is. It’s like, you know, I want you to do this and you give it one thing at a time. I’ll get done and I’ll get done.
[David] So, Collin, tell us your journey into this. How did you discover it? Obviously, the company started to use it. And what caught your attention and how are you using it?
[Collin] Chris said we should start putting more loans with SunWest because of how fast AngelAi was and I was like alright, we’ll see how this is, right? Well, it’s just so new. It’s just like, you know, if they’re integrating AI into these portals, I’m thinking in my head like, this is probably going to slow the portal down. It’s going to be like, I’m going to be sitting with like a spinny thing the whole time on my computer, which is not the case. Like Chris was showing me on there that you can even tell her like faster and she’ll be quicker. You like waiting on stuff like you can ask her the ETA should be like 10 minutes. You can be like, no, five minutes and she’ll do it in five minutes. Like it’s.
[Collin] No, it’s incredibly fast. It’s like insane. you can it’s it’s just dealing with other mortgage companies outside of SunWest. It’s like there’s like two or three hours you wait to talk to someone where you have AI right there to talk to you and she’ll get back to you in five minutes. Like very fast. We’ll you the ETA and you never have to wonder who, like sometimes it was a pain. remember when we started this, didn’t, had no idea what we were doing. and figuring out who you need to talk to you to solve a problem is half the battle sometimes. And that just doesn’t exist with angel AI. Cause you just tell it and it knows the right person and it already figures all that out for you. So your message always ends up in the right place. Because I think you showed me that you can schedule the calls with the underwriter on there. So you’d like, yeah, I need the underwriter to call me. And it’ll be like, it’ll set you like an appointment with the underwriter and everything. It’s just, instead of shooting a million emails back and forth, it’s incredible.
[David] Wow. quantitatively, what is this doing for your business? Is it reducing costs? mean, is it speed? You already talked about speed, the service for the virus.
[Collin] Time. Time to close, like we can close a loan and what’s the quickest we close a loan? Chris, nine days, 10 days, something like that with someone quicker?
[Chris] That’s seven, seven, just because that’s the guideline for the LEDA. Yeah. And we’ve done many loans in seven days because of that. think it’s reducing costs isn’t really how I put it. SunWest does have very competitive pricing, especially on, you know, lower FICO, GovE, they’re unmatched. that, but, more than anything, what they’ve done is increased revenue for us because if my time’s not getting sucked into a bunch of clerical nonsense, then I can focus on what actually matters and that’s what we’ve done. I mean we could do double the volume with them, maybe more for the same amount of work as it would be with anybody else. So it really frees us up and I don’t have to hire 20 processors to accomplish that, you know.
[David] Chris, is there any staffing implications as a result? In other words, you’re having to not hire as many people?
[Chris] It’s, either I’m not having to hire as many people or I’m letting the bankers aren’t getting slowed down because you know, if I want the bankers to move fast, I can either hire someone to do things for them or they can, you know, be slowed down and do it themselves. And with this, they don’t get slowed down. So I don’t even really have to think about hiring someone to clear some of that stuff up. Also, if you do hire people, they could ramp up faster. say you do need some people, this is not hard to learn. It’s very intuitive. And if somebody can’t figure it out, they probably shouldn’t be working for us anyway. So we could grow very quickly. It takes that whole piece of the puzzle away.
[Collin] Well, even like a teacher, if I ask it something I have no idea, just some obscure one-off loan question, it knows it. So I’m like, you know.
[David] Is there a way that you’re asking the question, Collin? because I was talking to a guy that one of my clients that I’ve been trying to get interested in angel AI yesterday. So I asked him a complicated question and says, I’ll get back to you in 15 minutes. I didn’t know that you could ask it and say, no, I need it in five.
[Collin] And super, like if it’s like clearly laid out in text and you say it, I’ll be like, what, like 15 minutes, you can get it to go in five. Like, you I need it, I need it quicker, like speed up the ETA.
[David] Wow. That’s amazing. walk me through, if you guys would, how you secure the loan and you’re working. Well, let’s start with working with realtors. You guys, there’s so many features now as far as creating listings and Angel AI can create a website for the realtor on a property, things like that. Are you guys using those elements of it?
[Chris] I didn’t even know that existed. I use it just at a loan level, really, but I maybe I can do some more research.
[David] You’re at a low level. Yeah. Well, there’s some features there when it works with realtors. You can literally go out and create a website for a property. And how long does it take to do that Pavan?
[Pavan] Takes a few minutes for the Realtor and the site will be up in like an hour or something. So what you guys can do is you can create co-branded
[Collin] It’s like it just automatically pops it up or you have to pay for it.
[Pavan] No, it’s all automatic. So you can create co-branded listing sites for your Realtors. So it’s you and the Realtor on one site with all the programs laid out. And it’s beautiful. yeah, right. It’s better than using any of the third party tools because there’ll be no ads or anything on it. It’s just you and the Realtor. And you can also create co-branded just general sites, just a landing page for the Realtor with you on it, or just a landing page for the Realtor by himself. And I was talking to a couple of top producers yesterday or the day before, When I was in Vegas, you met them at the party, by the way. So when I was in Vegas, talking, I met the next day with two big producers in Vegas. I had lunch with them. And they love the idea that Angel AI creates the pages for them and the listing sites for them because in their mind, it’s like having Gmail, where any sites that created by Angel AI is theirs and stays with them, doesn’t matter what franchise they move to. So if they move from franchise A to franchise B, Normally, you would end up losing the listings in your site since Angel is agnostic, everything will stay with them, just like your Gmail account. It doesn’t matter who you work for, your Gmail account stays with you.
[Collin] So it almost like it houses your business, is what you’re saying, right?
[Pavan] It’s not tied to whatever, know, Remax or Keller Williams or whatever. Everything’s just Angel AI right? It’s not tied to any brokerage. So therefore.
[Collin] So like our comp is basically the Realtors book of business or like their listing. This is what you’re saying, right? That’s cool.
[Pavan] Yes, yes, right. So Their storefront is basically not tied to any franchise and they can move whoever they want to and not lose their storefront. And so they love that part of it. so your realtors can create their own storefront specific to them and you can also create additional storefronts with you and the realtor co-branded on one storefront. So you could have a Chris and John Doe, Realtor John co-branded Storefront and you can have Realtor John by himself, and you can have Chris and Realtor John listing site and that generates all kinds of listing flyers, social media posts and everything with the two of you branded together.
[David] That’s a powerful tool. I wasn’t sure if you guys were aware they were using that or not.
[Pavan] Also can create country alliance sites. can create angelai.com slash country alliance slash Chris. Okay, it’ll create that site for you and it’ll be all branded country alliance with all of country alliances logo and licensing and everything. And it will have like 10,000 flyers pre-made in there for every product under the sun.
[Collin] That’s sweet.
[Pavan] And you can just click and can scroll through the all preset with your branding, your pictures and everything. And all in compliance. You don’t have to think about You don’t have to buy anything.
[Chris] So usually for me it’s AWC so when a loan gets approved with conditions.
[David] So, you guys now got some new tools you could use. So let’s start with how you’re using it. If you guys could walk us through for, let’s say you were talking to one of our listeners and you’re saying, this is how I use it. Walk us through, where do you start interacting with Angel AI?
[Chris] Put a whole bunch and sometimes you have questions on them and I’ll go in and if there’s anything that I perceive to be a problem because I’m not going to process like all the loans myself.
[David] You’re talking about when you first take a loan application, how are you currently taking the loan application? you taking it?
[Chris] We’re taking it in our LOS typically. Pretty much it.
[David] Okay, so You have your own LOS that you’re still using for that. And then at what point do you start interacting with Angel?
[Chris] Yeah. That would be right for us. We do it generally right after approved with conditions, so we’ll disclose just in SunWest portal. We’re not really talking Angel AI at that point maybe there’s something going on behind the scenes, but we don’t think of it that way. And then at AWC then we’re asking questions on conditions. You know, is this necessary? You know, can we solve this this way instead? Providing clarification. You know, it’s done some really impressive stuff that I’ve asked it to do before too. Once you get closer to closing and you’re trying to re disclose some things or, you know, say you’re failing VA recoup and you know, there’s this weird math that you have to do between like, you know, like lender credits and also like reducing the loan amount to try to, you know, if you got to do it to meet recoup, you don’t want to take it too far. And I’ve had them incrementally go down. I phrased it just like that. was like, Hey, it’s so incrementally reduced this and this by this much until it passes. like you tell that to anybody else and they’re like, yeah, go to hell. But it just happened. I was like, I’m just gonna see how far we can take this. And I asked it and I was like, my God, that worked. Like, wow, that’s great. Probably saved us thousands of dollars just that one thing.
[David] And it doesn’t all for it.
[Collin] Yeah. Chris, we use it to clear stoppers when we’re trying to get disclosures out too sometimes. Yeah, like there’s a weird obscure stopper on something I messed up on the 1003. It’ll tell me to go back and it’ll have me correct it.
[Chris] Yeah, if you just ask it, hey, please fix this, it’ll just say fix. Yeah, so if you get stuck, it’s not a frustrating process. It gets solved like right away.
[Colin] Yeah. Yah, it’s great.
[David] So Looking forward, Pavan, do you want to interject anything in here as you listen to how they’re using it? Obviously, there’s a lot more angel AI than what you guys are even aware of at this point, seeing as you’re fairly nw to the process. But you want to jump in on that?
[Pavan] Yeah, we could get you set up with some training because you could skip the web portal altogether and you could start from the Angel AI and she’ll do the disclosures for you.
[Chris] That’d be awesome. Yeah, we’d love that.
[Collin] You can import the 1003 right into Angel AI.
[Pavan] Yeah, yeah, can just say, you could take your MISMO file, say I have a MISMO file and then hit the paper clip and upload your MISMO file straight into it.
[Chris] No way. wow, that’s great.
[David] Now what’s so fun about this about this recording is listeners were listening to organic realization. I mean already you guys we had you on because you are adopting it and using it effectively, but just a piece of it. And now even on this call you’re recognizing all so much more that this thing is
[Pavan] Aso, did you guys talk to Vanessa at the party in Vegas? OK. OK, got you. Yeah. Vanessa, she’s in the neck of the woods. And when she takes the loan app and when all of our internal loan officers take a loan app, they just send the link to Angel AI to borrower. Okay, so then when the borrower clicks the link, they’re notified. And then so you’re chatting with the borrower and Angel AI at the same time. So you can watch the borrower take the loan app in real time. And that solves a big problem because this way borrowers don’t feel disconnected.
[Chris] That’s nice.
[Pavan] Okay, because if the borrower gets a link and their email and then they’re on their own, they don’t, they’re like, okay, you know, what’s Collin doing for me? I feel like I’m doing everything on my own here. But whereas if you do it with the borrower, and a lot of agents, what they do is they’ll log into Angel and they’ll start a loan app process and then they’ll hit the invite friend button and then they’ll invite the borrower to that conversation.
[Chris] I was unaware there was an invite. Yeah, looks like we got somewhere to learn.
[Collin] I didn’t even know you could do that. We have access to that on the broker side.
[David] It’s like anything, there’s so many things when you all work with technologies we all have for years, there’s all these new features on a technology we’ve had available to us. So I’m always learning new things on my own what I an do.
[Pavan] Yeah. Have Have you guys ever attended a workshop?
[Chris] No, I’m very bad about doing that kind of thing, but based on this conversation, I probably will, because apparently we don’t know if we figured out his perfect thought.
[Pavan] Yeah, they cover all this in the workshop. It’s only one hour. So I’ll put in the chat the link to the, or you could just, you can just go to Angel AI and then just say workshop. That’s the prompt. then she’ll ask you for when you want it and it’ll be scheduled. And a person, and you’ll get a Zoom link and somebody will arrive over Zoom and they’ll walk you through it. And you could, and it’s one-on-one training with the live person and you can do as many as you want whenever you want to.
[Chris] Awesome.
[David] Yeah, that’s the part that these blows me away at no cost.
[Pavan] Yeah, and it’s live so you can just ask a person your specific. You guys are pros and you can use this a while. You can dig into specifics and that person will answer what would go into those particular areas. But it seems like there’s a lot of basics. I think you guys probably just need a basic one, just get the overview. So I would recommend the first workshop, just have them do their spiel and so you get the high level and then do another one after that and then can start digging into specifics.
[David] Already what you guys are telling me and what I wanted to share with our audience is you’re already just working at the level that you are working at is providing you tremendous benefit.
[Chris] Absolutely, like the disclosure thing that was the reason I had to bully Collin and starting to use SunWest more
[Pavan] Alright. And actually, if you start the app from Angel, your borrowers will have a really, really good experience because the whole app is only like less than 20 questions for the borrower. So the borrower, literally, we’ve seen borrowers go in and out in under three minutes.
[David] Yeah, that’s awesome.
[Chris] This is the application for them to fill it out or is this after we sent.
[Collin] I just tell them to be like, Angel AI, like, please send the borrower the link to the application and I’ll.
[Pavan] Correct, you could do that. But what I recommend is you go into Angel and you do invite friend and you invite the borrower, so you guide him in through the process. they’re with you. So when you…
[Collin] I got a hypothetical scenario for you, Pavan. Let’s say I run into you at a bar, right? And then we’re talking, I’m like, hey, I’m a loan officer. And then you’re telling me that you want to buy a house, right? If I have the app on my phone and I plug in his information, I said, hey, please send so-and-so the app, can I fire the link to you from my phone or do I have to be physically in front of a computer to send you the application?
[Pavan] Uh-huh. You can find the link from your phone. so if you were with me, this is the way I would do it if I were you. I would say, okay, I would tell Angel, okay, call in, start a deal. Here’s his phone number, here’s his email address, and he wants to buy a house. And you probably already had a conversation, right? And you’re gonna say, he’s purchasing a house in Scottsdale, and he can afford about 400,000 or whatever. I don’t know, can he even buy a house?
[Chris] That’s a little, I’m gonna double that.
[Pavan] Crosshair 400,000 is probably too well.
[Pavan] Yeah. So anyways, right, right. So I would just give the basic information to Angel and say, start a loan number and then Angel would generate the loan number. Okay. And then I would click the invite friend button on Angel. Okay. And then I would invite Collin into that same, and then you would get a text message saying that you’ve been invited to Pavan invited you into Angel and you click the link and now we’re both talking in the same conversation.
[Collin] Nice.
[Chris] That’s great. The text is so much better.
[Pavan] Right. So you literally, you could be sitting next to each other and his phone will beep and you get it and then you would finish the loan application process before you finish the drink.
[Collin] Nice.
[Chris] Nice line there.
[Pavan] Yeah, I mean, when we ran the Super Bowl ads, we saw people come in, complete the application. So they responded to the ad, they went in, completed the application, and they were done in under three minutes.
[David] Yeah, that’s really amazing.
[Pavan] With applications being taken that quickly. Because it doesn’t take a full app. It only asks what it absolutely needs to ask. And the rest, then it gives you a list of documents. I need, you know, paste-out, thank-you, whatever, right? And you take pictures of that, and it’ll take the rest of the information. The rest of the information, it’ll take from the document. There’s no reason for to ask a bar to fill in along 1003 That’s the number one friction. That’s where you lose customers, usually is when you send the link. They look at it, they’re like, they get sick of it and they go away. Right, yeah. Right, yes, yes. Instead, it only asks the basic necessity question. OK, and then it tells them, when you get a chance, take a picture of these documents and upload them. That’s it.
[Chris] That’s intimidating, right? They’re like, this is going be work. Yeah.
[Collin] Yeah. That’s incredible.
[Chris] Collin, I’m gonna have to try this on you when we get off of that podcast.
[avan] Yeah, right. Yeah, I think one of the things you guys should do is try to invite friends on each other and see how that goes. And try doing a loan app on each other and see how that goes.
[David] Well, this has been one of those fun interviews where you realize we’re talking to people who have two individuals who started using it. Now we discovered they’re only using a fraction of it, but the value of what you’re using is so significant it’s changing the way you’re doing your business. And about ready to change it even more.
[Chris] Yeah, that absolutely came to some things.
[Pavan]Yeah, and I’m going to clarify a couple of things. First, the URL David gave was angel.ai and please do not hit that URL because that is a dating site or something. It’s angelai.com.
[David] That’s right. That’s right. That is right. Yeah. angelai.com. Yeah. And then, but the other one is askangel.ai.
[Pavan] If you want to go straight to the app, go to askangel.ai.
[Collin] I’m aware that Angel AI has also a slot machine where you can win merchandise.
[Pavan] Yeah. Yes.
[Chris] Yeah, we have one quite a bit. We have a whole box of shirts that’s. Sitting in office.
[Pavan] You get to play it once a day. I have a lot of people who will get up in the morning and first thing they is play that slot because they’re hooked on it. Still trying how to win the mug. wait. See, if you were in Vegas, if you came to the party, you would have had a mug. It was in the backpack. Everyone got a backpack full of goodies.
[David] Merch. Yeah.
[Collin] I’m still trying to the mod.
[Chris] We didn’t. that mug for for months now.
[Pavan] Yeah, all right. And then the other thing, when you were, I was giggling when you were talking about asking Angel to speed it up ETA, when you ask her something, she’ll give an ETA based on the worst of past experiences, past history, right? So it’s almost always comes in under anyways. So when you tell her to speed it up, she’s just like, okay, it’s gonna happen anyways,
[Collin] Well, it’s just funny because it’s like 15 minutes and it’s like ETA now 5 minutes. You’re like, okay, I feel better. I feel good now.
[David] So, for those that are listening as they go, want to get to know these two guys. How can they get ahold of the two of you?
[Chris] Chris@CountryAllianceMortgage.com
[David] Good.
[Collin] Collin@CountryAllianceMortgage.com or Instagram.
[Pavan] So Collin spelled C-O-L-L-I-N at countryalliancemortgage.com.
[David] And, yes. Yeah. Good.
[Chris] Yeah, and we’d love to share our experience with this with you guys. I mean, I think, Angel AI probably can teach you about it so far than we can. So I don’t know if there would be much point to that. But yeah, we’d love to talk about it because it’s made such a big difference to us. And we just feel like we owe you, Pavan, what you’ve helped us do.
[David] Well, yeah, what I’m thinking about, Chris, is those that are listening to this are going, my company is never going to adopt this. I need to get with a company that does. And so, I would assume, my way of thinking, correct me if I’m wrong, but I think when it comes to recruiting and growing your company, you haven’t decided to advantage over someone who is elected not to use or isn’t using Angel AI.
[Chris] Yeah, and ultimately like, you know, like money in production talks. So if we have we had a guy, he’s El Sharif and he did like 7 million, the vast majority of it was with SunWest, he basically self processed at all using Angel AI. And like how many people can do that? And I promise that he could not have done that without working 16. He works a lot and works a lot hours, but It’d be 16 hour days like every day to do that with, you know, some of these other places unless you had, they were just big loans, but they weren’t. These were like, you know, 240k, 270k average loan size. So was a lot of conditions that were cleared.
[David] That’s amazing. So much fun having you guys on. want to say thank you so much for taking time out on a Saturday to get out with Pavan and I and sharing your experience. It’s much appreciated very much and Pavan, thank you so much for coming on and talking about cognitive and helping us to learn more as we go up the ladder of learning on AI.
[Pavan] Thank you, David.
[David] You bet. right. All right, guys. a great Merry Christmas. Appreciate you all.
[Collin] Merry Christmas.
Important Links
- Country Alliance Mortgage website
- LinkedIn – Chris Beadles
- SunWest Mortgage website
- Angel AI website
- LinkedIn – Pavan Agarwal