TRUE was pleased to join National Mortgage News for an in-depth discussion on practical implementation of AI in lending. TRUE’s President & CRO, Steve Butler, and NMN’s National Mortgage News’ Editor-in-Chief, Heidi Patalano, were joined by V.I.P. Mortgage’s Mike Metz – a TRUE customer who was able to share his experiences with implementing AI at his organization.
The last few difficult years have brought to light systemic problems that have existed in the mortgage industry for too long. Lenders are beginning to see the necessity of addressing issues like borrower experience and increasing internal costs – and they’re viewing AI as a real solution to solve these longstanding problems. Confidence in investing in AI is also increasing as major lenders like Rocket have implemented AI and are sharing the results. It’s a perfect environment for a major shift as the industry embraces technology as an essential solution for growth and innovation.
V.I.P. Mortgage’s Mike Metz, who oversaw the implementation of TRUE AI, explains the importance of understanding the desired outcomes of your mortgage technology. Their biggest priority at V.I.P. is improving customer experience. Mike identifies one of the greatest benefits TRUE has provided them is that of consistency. AI can take documents and processes that vary greatly, as mortgages often do, and create more consistent pathways that allow for faster decisioning and an improved borrower experience.
Key takeaways include:
- Lenders should consider how AI can be applied in the many steps of mortgage loan manufacturing, including loan officer duties, processing, post close and QC, and even decisioning.
- How can lenders expect AI to actually affect their bottom line? TRUE has calculated the returns on investment (ROI) that can be achieved by reducing labor costs and avoiding the firing and hiring process.
- Lenders shouldn’t expect AI to replace humans, but rather create more opportunities for them to add value by focusing on improving borrower experience, business development, and driving growth.
