Ever wonder how Google Assistant or Siri can help you do your job? Well, Blend had the pleasure of participating in the webinar, AI in the Mortgage Market at the 2023 KBW Virtual Real Estate Finance & Technology Conference. This panel hosted our Head of Growth Sebastian Joll, Boston Consulting Group’s Managing Director and Senior Partner Micah Jindal, and Total Expert’s CEO and Founder Joe Welu with Keefe, Bruyette & Woods’s (KBW) Ryan Tomasellor as moderator.
In this online session, these experts will navigate the state of artificial intelligence in the mortgage industry and discuss how we can leverage these high-tech tools to enhance the loan process. While Siri can’t exactly run credit scores, AI has the potential to help you bring tremendous value to your loan teams and borrowers. Since the general mindset on adapting new mortgage technology has moved from resistance to hesitant receptiveness, now’s the time lenders should start thinking about incorporating these sci-fi-esque tools.
Read on to learn what this panel had to say about the future of AI in mortgage tech.
How can we adopt AI in the mortgage industry?
Even though the hesitancy in integrating new technologies was fairly high in the past few years, the mortgage industry is one of the best to leverage AI for long-term success. Individual organizations (yes, even smaller ones) have a lot of potential to benefit from the wonders of AI and provide value for many of their customers.
For example, lead generation can be competitive and intense but with the right data, gathered from AI, you can target the right prospects and see them through. Additionally, AI can streamline and optimize workflows for loan teams — it can quality check files, manage delinquencies and loan modifications, and ensure the loan is compliant.
What can lenders do to reduce risk?
The customer experience is a top priority for lenders, and that includes their safety and privacy. Organizations will likely lean on partnerships with data and tech companies to help evolve privacy and compliance processes with AI as this tech comes into the landscape. And gathering anonymized datasets is incredibly important to push this innovation forward. By partnering with other reputable companies to help stay compliant and safe during the mortgage process, lenders can continue to deliver the transparent, trusting experience that customers need.
Unlock the AI opportunity
The potential for AI in the mortgage industry is incredible. With the right mortgage tech, lenders can stay ahead of the competition and be leaders of innovation within the industry — as long as they remain receptive.
AI isn’t going to replace humans, especially in mortgages — a historically personal and emotional process. Rather, AI should enhance your quality of service, allow you to provide expert and customized advice, cut time and costs from the process, and more. The tech is there to shift results and help fulfill your needs. You only need to be open to it.
The key to successfully leveraging AI in mortgage tech is partnering with an organization that prioritizes your needs. Blend is a significant player in this space, and we’re dedicated to creating high-tech products, features, and services that help our customers create an efficient loan process for their borrowers. Learn how we are constantly changing the mortgage tech game from our Head of Growth in the online session below.