The migration to AI-driven technology is briskly dominating the mortgage industry with businesses turning to machine learning to boost efficiency during this pandemic period. With many businesses also adopting remote workforce and the housing market booming, the AI technology is a significant way to create a competitive advantage to stay afloat. The AI-powered technology significantly boosts your customer experience, cut reliance on labor-centric solutions and aid in smart decision making.
The AI technology has significantly reshaped the mortgage industry in so many constructive and unique ways. There’s a huge difference between a mortgage industry relying on AI and the mortgage industry as we knew it.
To begin with, AI-driven processes play a significant role in streamlining and standardizing data. “When we talk about AI, what we’re really talking about is applying algorithms based on our knowledge and understanding of the industry to ingest information more consistently to help make better decisions. Over time, the data set grows and we can make better decisions based on that information,” Arbertelli Law CEO Jim Albertelli says.
When it comes to automating the helpdesk and decision making, the best way to do it is through the AI technology.
“We’re applying AI initially to the help desk functionality. This allows us to take in data that examines how consumers communicate.” Jim says. “Do consumers prefer Facebook Messenger or do they prefer some chat, email or even a telephonic conversation? Then we reach out using the appropriate methodology so we can start the conversation.”
“With our reps, we have the ability to look at all of the different standards or responses and quickly glean that information out of that large knowledge base. Being able to provide better, more standardized information to all consumers alleviates some of the concerns around discriminatory effects and provides more transparency for your compliance team,” Jim adds.
Being strategic about what’s to come using AI-driven technology.
Let’s take a scenario for example what’s likely to happen with people who are currently in forbearance plans. Since some people have not been actively making their mortgage payments due to the existing moratoria, they’re likely to start re-engaging at different times— some in January, others in much and so on.
How can the mortgage industry use AI to be strategic about what’s to come such as in the case above?
“We’re leveraging AI in a number of ways. Ultimately, we believe in the digital mortgage,” Jim says. “When you have consumers, even intersecting in the call center, we’re developing the ability to decide at high volume around the various loss mitigation strategies. When you have all of the lending standards all digested, you really can become an active partner with the consumer.”
“So, we’re running the AI over portfolio retention, looking at the likelihood of a foreclosure in the future or the ability to re-perform. We’re digesting that information, and being scalable is really what we’re building between now and the end of the year,” Jim adds.
And conclusively, Jim has something to all mortgage professionals out there about integrating AI:
“What I really want people to understand is that you don’t have to change your system of record to interface effectively. AI can save time, help you with compliance and help you engage effectively with consumers. There are ways to get creative, to actually pay for it, to engage it, be very targeted. If you integrate AI even in a small way, you can get a big result.”
Work cited.
https://www.housingwire.com/articles/how-covid-19-is-driving-ai-in-the-mortgage-industry/.
