Machine Learning in Lending Summit Recap and Key Highlights

Last Wednesday, September 27th, we at Tavant Technologies hosted the first ever Machine Learning in Lending Summit at the JW Marriott in San Francisco Union Square.

 

This was an exclusive leadership summit – invites were extended to key executives in the mortgage and consumer lending industries.  This one-day summit consisted of keynotes, workshops, a panel discussion, and interactive sessions that showcased the practical applications of Artificial Intelligence and Machine Learning in the mortgage industry.

 

The summit began with a welcome address by our CEO, Sarvesh Mahesh.

Next on the agenda was R.V. Guha, a renowned scientist, who spoke on accelerating digital transformation with AI and empirical modeling.  He began his keynote by defining what exactly the buzz is around data science and the importance of empirical modeling.  While analytic models have limitations, empirical modeling has had a lot of success in the past decade.  He continued on to state that “datasets drive research” and deep dives into the varieties of data sets, available databases, current resources (i.e. Schema.org), and proposed future solutions (i.e. datacommons.org).  Key takeaway:  Empirical modeling is for complex systems what calculus is for classical engineering.  This new class of models can handle complex phenomenon that has a significant social and behavioral component.

The next speakers featured Manish Arya (CTO, Tavant) and Aseem Mital (Tavant Founder), who had an interactive session on Applications of Machine Learning in Lending and how these applications and concepts can be applied to the mortgage industry.

Prasun Mishra (Senior Director, Tavant) and Harsha Naidu (Director, Tavant) led the Lending Club Workshop which demonstrated a general approach for creating decision models. Prasun and Harsha used publicly available Lending Club data and created a stepwise approach that used Machine Learning to develop a credit risk model and predict loan performance.  They also introduced supervised learning techniques.

Next up was an engaging panel discussion featuring Robert Carpenter (Principal in Technology, CoreLogic), Nick Stamos (CEO and Co-Founder, Sindeo), Brian Pearce (SVP, Wells Fargo), Ronald Olshausen (Managing Director, HedgeServe) and Gabe Minton (CIO, Guild Mortgage).  The panel provided key insights into problems and challenges that businesses currently face with AI and Machine Learning in respective industries.

The final session featured Mohammad Rashid (VP, Tavant) and Matthew Wood (Senior Director, Tavant) who discussed blockchain 101, applications and case studies, and how blockchain technology is disrupting industries globally.  Key takeaway:  Overview of the Tavant digital mortgage landscape, and how to disrupt the mortgage process and lifecycle.

The summit concluded with a closing session presented by Hassan Rashid (CRO, Tavant).

The summit was highly successful and attendees found the content thought-provoking and valuable.  We wanted to express our concerns with how AI and Machine Learning were being applied in other industries at a rapid rate, but companies in the mortgage industry are falling behind by not utilizing the newest technologies.  We wanted to demonstrate to senior leadership that it is now easier than ever to apply AI and Machine Learning in the mortgage industry.  It is imperative for companies to apply this technology, accelerate innovation, and strengthen their competitive advantage.  The summit concluded with innovative and disruptive ideas that senior business executives were able to take back to their respective organizations.

Watch a recording of the live stream of our Machine Learning in Lending Summit here.

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