TRUE’s President & CRO, Steve Butler, joined David Lykken for a discussion on successfully implementing AI for maximum and quick value.
While discussing the current mortgage landscape, Steve and David agree this is a pivotal point for technology investment, which will create a divide between the “Haves” and “Have Nots.” Yet in the face of this pressure, many lenders and C-Suite mortgage executives still feel jaded or disappointed by previous technology investments that didn’t deliver real value. Oftentimes, the efficiencies and cost-savings that were promised never came to fruition, leading to a general lack of trust in new tech.
Through his conversations with lenders and his independent research, Steve has identified two systemic problems in the mortgage industry:
- Lenders today are sales powerhouses with some focus on operations, rather than loan manufacturing powerhouses with some focus on sales. They need to be more thoughtful about how new technology is implemented. C-suite execs may bring in new technology in an attempt to help manufacturing and operations teams. However, these tools change workflows, and if sales teams and loan officers aren’t embracing it, the technology won’t be used. A top-down approach in which the user community is involved is essential for successful implementation.
- Many lenders think they need to “boil the ocean.” They think they need to rip up the old process and bring in a whole new system. However, the successful loan manufacturers aren’t thinking this way – they’re looking for strategic gaps in the process to automate rather than completely start over.
Steve believes many previous lending tech implementation failures can be attributed to lenders attempting to do too much at once, and not involving the right users in the decision and design process. It’s essential to learn from these mistakes and strategically implement AI in a way that sets your company up for success and delivers real, measurable ROI. Click here to view the full interview with Lykken on Lending.
Ready for Lightning-Fast Lending?
See how TRUE seamlessly integrates into your workflows with AI that’s trained and trusted by the mortgage industry.
