The world is talking about artificial intelligence, but what opportunities does AI hold for the mortgage industry? TRUE assembled a host of industry leaders and experts to debate the topic and provide practical advice.
Key insights from the webinar:
- The fundamental problem is that the mortgage industry does not trust its own data and this has led to necessary but slow and costly processes to overcome the lack of trust.
- AI can help lenders to resolve the trust issue and the obvious approach is to focus on incoming data quality. However, applying AI to post-closing quality control offers a potentially better way to understand where ROI will be greatest.
- The clean data that AI can generate will be a game-changer for the industry, driving operational efficiencies, productivity, and solving near-term challenges of which “pre-qual” clients to focus on to grow the business, and breaking the link between volumes and hiring needs.
- AI will shake up the industry, with new winners and losers emerging based on their ability not only to invest in the technology but integrate it through people and processes.
- The current downcycle and the prospect of refinancing volume rising in 2024 means now is the time to explore the potential of AI, with potential to win more of the market and raise the value of the business.
During the webinar a new whitepaper, Transforming the Mortgage Industry with TRUE Lending Intelligence, was cited and is available for download below