What is the economic impact of AI-powered mortgage workflows?

TRUE’s Customer Success executives, Matt Conrad and Phil Occhiboi, came together for a live discussion on AI-powered lending automation and the impact this has on mortgage business operations. In this conversation, they draw on their own experiences from working closely with TRUE’s customers to implement and operate our technology.

How can mortgage workflows be automated by AI? What is the hard dollar savings that can be achieved through this automation? How to do you choose which workflows to prioritize? What are the do’s and dont’s to consider when implementing AI technology?

AI is transforming workflows throughout the entire lending process, including document indexing and routing, data extraction and entry, and bookmarking and stacking. These tedious, often mundane tasks can be time-consuming and costly, and many of our clients see significant ROI from automating these processes. This interactive discussion outlines the specific dollar amounts that can be saved by automating these individual lending tasks and how that translates to annual savings. Beyond these savings, there is exponential value in having scalable technology that provides accurate, contextualized data and a true picture of borrowers. Matt describes this realization as a light bulb going off, when clients realize they have “so much more information, so much earlier in this process, than ever before.”

Some key takeaways to consider:

  1. It’s important to first prioritize and identify the pain points in your business to determine where to start implementing AI.
  2. Lenders should have a full understanding of the technology in order to implement with confidence and effectively manage change within the organization.
  3. There are many exciting opportunities for AI to be used more in the mortgage industry, including creating a larger narrative around borrowers and allowing for continuous QC at every step of the process.

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