Artificial Intelligence is creeping up on the mortgage industry and businesses are using technology more and more to reduce errors, costs, and speed up transactions to make life just a little easier in the mortgage industry. Artificial Intelligence and Machine Learning are gaining traction, especially in businesses that deal with large amounts of data. This is helping to reduce human error and make customer service an automated system in which bots can handle a lot of the problems users are dealing with.
In addition, about 58% of mortgage lenders say they plan on adopting some type of AI or ML technology within the next 2 years and Mortgage Lenders who currently use Artificial Intelligence are saying they are using it primarily to drive operational efficiency or enhance consumer experiences. The main focus is on Loan Application, Origination and Underwriting.
Many Mortgage Lenders cite the reason for not using updated AI as out of date integration complexity or infrastructure issues, high costs and lack of proven success. Many lenders say if they do start using AI they would want it to function as a fraud identification tool or as a source of detecting borrowers’ risk of default.
There are industries who have already begun using AI and they are loving the results. The healthcare industry is one, and the transportation industry it another – these industries have found helpful integration in wearable personal devices (in healthcare) and prediction of detection of traffic incidents (in transportation).
However, if you feel your company is ready to take a little bit of a leap and start exploring the world of AI, we recommend starting small, with integration that can take historical data an use it to gain comfort in AI before investing time and money in the process of full scale integration.