Lenders select Dara by Sagent for AI-driven mortgage servicing
This article originally appeared in FinAi News
Mortgage lenders are looking to AI to streamline loan servicing as the market grows.
“Servicing, by nature, is a low margin, difficult business to do,” loan servicing software provider Sagent’s Chief Product Officer Shane Leonard told FinAi News.
The global loan servicing market was valued at $3.5 billion in 2024 and is expected to reach $9.9 billion by 2033, according to global market intelligence and consulting firm Straights Research.
Friction in loan servicing is why Sagent in 2024 launched Dara by Sagent, an end-to-end real-time mortgage servicing platform, according to the company.
To efficiently service loans, the platform pulls from roughly 3,300 data fields, up from the industry standard of around 2,200 fields of baseline information and historical data, Leonard said.
“We pulled fields into our core system that enabled us to eliminate the need for numerous peripheral systems,” he said.
As an example of the increased capability, the roughly 3,300 fields include updated regulatory requirements within all of servicing that must be met, Leonard said. By integrating that data into Dara by Sagent, AI can identify what regulation changed recently.
“That wide and deep structure is what allows us to do things with AI that maybe other people couldn’t,” Leonard said.
Since February, these financial institutions have announced their use of Dara by Sagent:
“As we move into new markets, we need a servicing platform that can scale with us while enhancing the experience our customers and loan officers can expect,” Scott Rodeman, vice president of servicing and customer care at Evergreen, said in an April release.