CEO and founder of Cortex, Nemo Yang is not only in the AI space to make money. Yang is revolutionizing how mortgages are distributed by using artificial intelligence (AI) to determine eligibility and rates. Under the Cortex system, mortgages will be unbiased and more flexible for first-time home buyers across the United States. This exciting new tech utilizes AI to make the world a better place.
Yang knew he was interested in technology and software development from a young age. Growing up in the Bay Area, Yang was immersed in the energetic atmosphere of Silicon Valley and its rapidly evolving technology. He taught himself web development and started writing software when he was only fourteen. Later, he attended Georgia Tech where he studied machine learning and general models. While he was a student, Yang freelanced for various companies on the side, including a mortgage lending company. He did not instantly become interested in the mortgage system, but what he learned from the experience stuck with him and set him up for what he would develop later.
After building up engineering experience, notably at Microsoft, Yang decided it was time to branch out on his own. He chose to focus on mortgages when founding Cortex for two core reasons. First, AI cannot replace humans in creative jobs or jobs that require building human connections, but it can do the jobs that no one wants to do. Yang is a firm believer that AI is not meant to take away job opportunities for humans, but it can automate systems that would benefit from less human interaction. Cortex can automate filing paperwork and data entry that humans are too smart and creative to be stuck doing. Mortgage technology is also extremely outdated. Most systems originated thirty or forty years ago and do not need to be as manual as they currently are. Cortex is a major upgrade for any mortgage lending company.
Yang's second reason for delving into the mortgage space is his belief that the current lending system is biased. Invented in the 1950s, the mortgage lending system was designed to make it easy for dual-income couples born in the United States to get the best rates. It does not account for today's diverse population that works unconventional jobs. Yang wants to make it easier for an individual to purchase a home on their own, for contractors to purchase homes, for immigrants to buy property, and more. Making mortgages more accessible will be easier to achieve with unbiased and updated technology.
The mortgage lending system might be stuck in its ways, but Yang is here to change all of that. Cortex's proprietary AI technology is automating systems that have been manual for decades, making it faster and easier to buy a home. First-time buyers have recently been hesitant to purchase property because of soaring mortgage rates. Cortex could change all of that, giving more people better access to housing with better mortgage rates. Simply stated, Yang is bringing mortgage lending into the twenty-first century.
