The Evolution of AI and Lending

The TRUE team was joined by mortgage industry luminary and veteran, David Lowman, for a interactive discussion around Lending & AI. This informative session includes an AI case study in the trade finance realm, the valuable lessons, potential parallels, and groundbreaking outcomes for the mortgage industry, the reasons behind the slow embrace of AI in mortgage lending, and recommended strategies for evaluating the ROI in AI deployments.

Are lenders prepared for what’s coming, or are they harboring misconceptions that are getting in their way? And will AI finally create the industry evolution and transformation needed by lenders, servicers, wholesalers, and everyone else who touches the lending lifecycle?

The mortgage manufacturing process is complex, and often times the AI technology presented to lenders has been over promised and underdelivered. So how do you stay competitive and make smart decisions for your organization in a market that is moving towards an AI automation model? Steve Butler points out the first step is to “get your documents and data digitized. And frankly, I call that low hanging fruit. The only reason, I say that is because the AI has advanced, whether it be Rocket [Mortgage] or someone like TRUE. The AI is advanced now where you can do it better than human accuracy. So why not do that? It’s low hanging fruit. You you’re gonna get better accuracy.” And the benefits of AI go beyond operational efficiencies. Loan officers and loan officer assistants are now more effective and efficient because they are freed up to work more with their borrowers and sell more. 

Some key takeaways to consider: 

  1. Lenders should consider implementing AI solutions to improve operational efficiencies and reduce costs. This can focus on areas such as mortgage setup, document processing, and data extraction. 
  2. Lenders should also evaluate the potential return on investment (ROI) and operational savings of AI solutions, especially when it comes to their sales organization, cybersecurity and other strategic initiatives. 
  3. Lenders should explore lending AI technology solutions like TRUE to enhance their data management capabilities and the ability to process large volumes of data accurately and efficiently.

As a result of automating these data processing tasks, mortgage professionals can focus on decisioning, risk management, driving revenue, and improving processes.

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