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Mortgage industry employees talk about the future of artificial intelligence


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Although everyone has a mortgage Ever heard of artificial intelligenceA recent survey suggests that uncertainty among industry professionals may currently outweigh enthusiasm, although some are actively using it.

Still, while doubts about artificial intelligence may never be fully eradicated, anonymous responses to a survey conducted by National Mortgage News parent company Aizent, About the power of artificial intelligence Even if the details are not yet fully understood, it shows widespread recognition that the technology has the potential to change the way the industry operates.

“I’m fascinated by AI and its capabilities. I think it’s a great tool for automating manual tasks, increasing efficiency, identifying trends and issues, and improving overall operations,” one participant described their interest in AI. level of understanding. intelligence.

At the same time, they added, “Of course, this will only happen once we address the significant data privacy concerns.”

The buzz around artificial intelligence, specifically generative and machine learning models, has led to the implementation of a number of internal tools used by mortgage loan employees across the company Includes mixed and Rocket MortgageLast fall, both companies launched artificial intelligence capabilities designed to streamline loan workflows and answer common questions from officials.

Artificial intelligence is likely to continue to penetrate internal functions in 2024, often educating employees on laws or regulations or assisting them in their interactions with customers.

One commenter noted: “Our call centers are using AI to transcribe calls, provide feedback on the reason for the call, recognize the customer’s tone and provide solutions to customer service representatives in real time.”

Another added: “Artificial intelligence has the potential to change our landscape, from following up on pre-approvals to tracking purchases when customers are ready to upgrade or downsize.”

Generative AI has proven effective for some lenders who use it regularly every day when writing articles. Content and marketing materialshelp with SEO or generate email responses – but there are caveats.

One user said: “Artificial intelligence can be used to help research and write marketing copy, but the final copy still needs to be verified and revised.”

While some companies are looking at how to design a tool that is compliant while still providing value and protection to customers, there is a greater caution when it comes to unleashing artificial intelligence in any customer-facing capacity.Clear rules haven’t stopped some lenders Last year, we tested the waters with artificial intelligence chatbots..Others are still “developing requirements to evaluate where they might be used.”

A degree of pessimism and skepticism remains prevalent across the industry, with layoffs cited as a concern among mortgage industry professionals who participated in the survey. But across all financial services industries, losing personal communication with customers ranks as the most serious issue.While mortgage tech advocates point out that jobs in certain industries will always be a major cause for concern The process requires experienced professionals.

Many also did not hesitate to express what they saw as other dangers that widespread adoption of AI could bring, such as the loss of skills and knowledge, which one interviewee described as a “reduction in brain function” while workers “press Simple button.”

Another added: “People can use it to hide their incompetence.”

While no one in the mortgage industry is advocating for the use of artificial intelligence to approve or deny loan applications, some worry that the risk may be that it could affect the decision-making process in the long term.

One mortgage professional said there could be times in the future where loans become too “a black and white process that could inadvertently lead to less acceptance of loans outside the credit box, or have certain characteristics that require more nuance.” Condition. This then becomes a self-fulfilling prophecy, further digging the lender/broker into a small box. “

Another said they believe generative AI tends to answer the most popular answer to a question, but that is often not the best or correct answer to the question.

But even mortgage professionals who have expressed concerns about the rise of artificial intelligence admit that its “impact will be significant,” with some predicting that AI will become “a significant part of the business by 2024.”

“It will definitely help shorten mortgage processing times and make the process of getting a mortgage easier for consumers,” one participant said.





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