Fannie Mae is a leading source of mortgage financing for lenders in the US, providing access to affordable mortgage financing in all markets and in all economic cycles. To meet its mission of creating more affordable housing opportunities for buyers and renters across the nation, Fannie Mae has invested in innovative technologies and procedures to optimize the customer and lender experiences.
As Fannie Mae sets the industry standard for the selling and servicing of mortgages, it is critical that the rules and regulations are easy to understand. However, these vast, numerous and sometimes complicated regulations are updated on a monthly basis.
“We heard from our customers that it was really difficult for them to find the answers they needed in order to do business with us,” said Bill Cleary, Vice President, Policy, Fannie Mae. “Our business guidelines are complex, updated frequently and can be up to 2,500 pages long. We knew we had to make it easier for our customers to get the answers they needed.”
The digital transformation process for Fannie Mae to provide greater agility to its service operation meant that it needed to review new technologies, including artificial intelligence (AI). The team wanted to work in the digital space to meet the needs of customers in applications they are working with every day. To do this, Fannie Mae needed a way to deliver information 24/7 in a simple, straightforward and understandable format.
Fannie Mae opted to design and implement an interactive experience powered by natural language processing (NLP) using the Genesys DX™ digital engagement solution.
Ask Poli and Pocket Poli are the innovative, interactive guide, search and navigation interfaces that allow servicers to ask questions, in their own words, about the more than 2,500 pages of policies and requirements to deliver loans. As a result, lenders and borrowers can understand, in plain language, what Fannie Mae requires, and it also captures the latest updates related to these rules.