As AI technologies become more and more powerful, they are beginning to find use in the mortgage industry. The mortgage process was once seen as a negative customer experience because it was so time-consuming and there were many opportunities for error. Technological innovation has allowed this process to turn automated, and today there is even more advanced technology that can handle labor-intensive tasks.
Replicating Human Reasoning
AI is capable of “machine learning,” which means it can learn how to fill out forms from memory and recognize visuals of documents. These documents, such as W-2 forms, property titles, and appraisals, are usually reviewed by processors and underwriters. With machine learning, these individuals no longer need to spend their time reviewing and confirming data. This will eliminate many common errors that may occur, while also freeing up the workload of processors and underwriters.
Part of machine learning includes the use of “neural networks,” which work like the neurons of a human brain. This allows the AI technology to learn from every task that it completes, making it better at accurately predicting where it can find certain information. AI technology is therefore capable of image and speech recognition (think Siri on your phone).
Most people involved in the mortgage process are concerned about one thing: time. Mortgage applicants desire to get a mortgage approved as fast as possible, while mortgage lenders desire to close a mortgage as fast as possible. AI technology allows mortgage industry professionals to spend less time filling out documents, and more time ensuring the mortgage remains on track and that the customer is having a positive experience. The AI technology can pinpoint any issues, making it easy for the mortgage professional to quickly address them. This has the potential to shorten the process by a few days, saving time and money.
AI technology will only continue to become more advanced, and there will be more opportunities for it to be utilized in the mortgage industry. While it may seem like this could potentially have a negative impact on jobs, many people are confident that it will only allow companies to grow. Since the AI technology allows problems to be more rapidly identified and addressed, employees can increase work capacity.
Trust Champion Title & Settlements with Your Title Services
Champion Title is a full-service title insurance agency providing title insurance and closing support to streamline closings and increase compliance for our diverse clientele including home buyers. We fully embrace technology and are proud to offer clients myriad tools and services to efficiently and accurately assist them with all of their closing needs. For more information, contact us today!