October 22, 2024 – PALM BAY, Fla. – Sourcepoint, a Firstsource company and one of the nation’s leading providers of outsourced mortgage services and solutions, today announced its investment in building its own domain-centric Large Language Model (LLM) specific to the mortgage process. Developed under its Firstsource relAI suite, the investment leverages the company’s deep domain expertise to tailor-make sector specific AI-driven services and platform offerings.
The LLM significantly reduces the cycle time for pre-qualification and formal loan applications, creating a seamless digital end-to-end journey for loan application and fulfillment. This streamlined process balances the convenience of self-service with the personalized support of a dedicated loan officer, ensuring a comprehensive and efficient experience. It will be equipped with capabilities like classification, extraction, recommendation, and summarization. These capabilities will support credit assessments, loan quality checks, mortgage document digitization, risk assessment, and more, including insights into loan receivables management and process automation. Additionally, the LLM will accelerate the development of AI co-pilots and agentic workflows.
“This initiative aligns with our ‘inch wide, mile deep’ philosophy of bringing our deep domain expertise to our customers through deep-tech intervention,” said Ritesh Idnani, Managing Director & Chief Executive Officer at Firstsource. “Generative AI is transforming both our business and our clients’ operations, and this investment in a domain-centric LLM underscores our commitment to AI-led innovation. Mortgage is a critical domain for us, and we are uniquely positioned to capture the opportunity with the interplay of domain knowledge and technology.”
“It’s important that our deep domain expertise in mortgage is embedded in this new Gen AI model,” added Hasit Trivedi, Chief Digital & AI Officer at Firstsource. “This ensures that knowledge is democratized and widely applicable across our engagements. We are using a unique approach by combining transformer architecture with techniques like model blending. This LLM will be a key addition to our expanding Firstsource relAI assets and offerings.”
This initiative follows the launch of Firstsource relAI, an AI-focused digital transformation suite of platforms, solutions and offerings. It reinforces the company’s commitment to driving digital transformation and innovation, providing clients with more efficient operations, improved decision-making, and personalized experiences by leveraging natural language processing, large language models, and advanced statistical analysis to provide intelligent and effective search capabilities across various content types and sources.
About Sourcepoint
Sourcepoint, a Firstsource company, is a globally recognized leader in residential mortgage services. We offer a unique blend of cutting-edge technology and expert-led solutions designed to help clients streamline operations, manage risk, and enhance the customer journey – from origination to servicing.
We collaborate with Industry leaders to tackle their most important challenges and capture their greatest opportunities. Our professional services are purpose-built to drive transformation and growth by elevating business performance with proven capabilities that deliver unmatched results.
At Sourcepoint, we don’t just envision the future – we make it happen. (www.sourcepointmortgage.com/)
About Firstsource
Firstsource Solutions Limited, an RP-Sanjiv Goenka Group company (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL:IN), is a specialized global business process services partner, providing transformational solutions and services spanning the customer lifecycle across Healthcare, Banking and Financial Services, Communications, Media and Technology, and other diverse industries. With an established presence in the US, the UK, India, Mexico, Australia, South Africa, and the Philippines, we make it happen for our clients, solving their biggest challenges with hyper-focused, domain-centered teams and cutting-edge tech, data, and analytics. Our real-world practitioners work collaboratively to deliver future-focused outcomes. (www.firstsource.com)