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November 7, 2023

Finding Your Guide in an AI-Powered World

AI is here and ready to be used today, but finding the right technological partner to guide you through these changes is vital.

You don’t have to go far to stumble over an article or blog post about the new AI explosion our industry -- and every other -- is currently experiencing. It seems that everyone has an opinion on what this means.

We have our own opinions, naturally, and we’ll continue to share them as we learn more, and continue to develop and deploy new functionality that takes full advantage of these new technologies.

Currently, we are seeing a pattern in the content coming into the marketplace about AI. In general, we find that it falls into one of two camps: either people love AI and wax poetic on the great things it will do one day soon, or they raise a shrill alarm about the dangers that these new tools pose.

You’ve probably noticed that we are taking a different approach with our exploration of the emerging class of AI technologies and their current application to the mortgage business.

But first, let’s explore what’s driving the other extremes, and see if we can carve a more reasonable path forward.

Is AI still a dream for the mortgage industry

Any vendor who is currently using AI in its development will tell you that now is the time to invest, but few have advanced tools that actually deliver all that they promise. That may be why we’re seeing so many lenders looking at AI like it’s something for the roadmap and not for the present.

That’s unfortunate, because there are AI tools that are already paying high dividends to the lenders who are implementing them. The AI-powered document management tools we’ve built into MCP serve as one example.

While we’re very proud of the work we’ve done, it doesn’t mean that we don’t still have plenty of new ideas all over our technology development roadmap. AI is here and ready to be used today, but its promise extends into the future.

There is a future for our industry that includes AI code helpers for faster, consistent and reliable development, AI-powered help desks for borrowers and their agents, and AI-powered headsets that may someday allow our people to speak any language native to our borrowers.

This is why we urge lenders to choose their development partner now and get busy visualizing the future of their businesses. AI is opening many doors, but it will benefit most those lenders who start soonest.

Is AI a nightmare that we must avoid?

We aren’t suggesting that every AI tool a lender chooses will fulfill its promise.

We’re seeing developers from outside of our industry advancing tools (or future tools) that can do incredible things for our industry. We’ve seen that kind of thing before, and it hasn’t always worked out in the past.

Choosing the wrong technology partner is a good way to turn even the best ideas into a nightmare, but that doesn’t mean that lenders should be afraid to move forward.

There are no mortgage industry killer robots coming in the wake of a lender’s AI implementation. We won’t use AI to replace everyone in the lender’s shop and these new tools won’t force the lender to throw out their current core systems in favor of something untested.

The path into the future does not travel through a haunted AI forest, but it still behooves the lender to choose a good guide.

Why Mortgage Cadence is stepping up as your guide

Every explorer knows the value of a good guide and that’s what lenders are doing with AI technologies today. They are exploring the potential benefits and seeking clarity on the risks involved.

They need a partner who understands the promise and capabilities of these new tools, but one who also fully understands their legacy technologies and compliance requirements. Lenders already know this about Mortgage Cadence.

What should also be considered is Accenture’s $3 billion investment in the Data & AI practice to help clients across all industries rapidly and responsibly advance and use AI to achieve greater growth, efficiency and resilience, as referred to in this article. No other company in our space can match the work and insights Accenture and Mortgage Cadence are bringing to the market together.

These investments have already given our developers benefits that are showing up in MCP for our lenders.

Now is the time for your team to be talking about what you want for your business in the future. We can add a lot to that conversation and would be very happy to do so. Reach out to us today to schedule a call.

By Jim Rosen, EVP, Services at Mortgage Cadence 

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Media Contacts

Mortgage Cadence: 
Alison Flaig 
VP, Marketing 
(919) 906-9738