Will 2024 Be the Year of AI-Powered Mortgage Technology?

During our recent webinar, our panel of industry veterans from The Mortgage Collaborative, Ruzin Creative and TRUE explored the evolution of technology within the mortgage technology sector and how AI will transform our industry. Is 2024 our inflection point? Will AI finally transform the mortgage origination process, how loans are serviced and funded, and how consumers experience a new generation of mortgage automation?

Mortgage manufacturing stands out as one of the most labor-intensive processes, primarily due to the extensive array of borrower documents involved. As the industry seeks ways to automate document processing, concerns arise regarding the accuracy and reliability of the data utilized by our professionals.

AI holds the potential to enhance data quality, provide valuable insights, and optimize decision-making for processors, underwriters, and loan officers. By automating document processing tasks through AI, operational efficiency can be maximized, allowing employees to focus on generating new sales opportunities and serving customers better. Furthermore, AI can streamline post-close activities, ensuring accuracy and reducing the time taken to ready loans for sale.

But the key to leveraging AI effectively lies in transforming data into a clean and organized format, facilitating the transition from analog to digital seamlessly. While this process may present challenges, the benefits of accurate data management are invaluable.

Most importantly, AI can also play a vital role in optimizing hiring and firing processes, traditionally reliant on human resources. “Our industry is terrible when it comes to the ebbs and flows of volume. I call it the human spackle – we throw humans at problems and when we are done with them we scrap them off the wall and move on. With AI, we can turn the nozzle on and off without effecting people,” explain Leora Ruzin, panelist and Founder of Ruzin Creative.

By harnessing AI to tackle document-related challenges, organizations can introduce flexibility into their operational frameworks, ultimately enhancing the customer experience and laying the foundation for immediate efficiency enhancements.

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