Many have written about the importance of Artificial Intelligence in mortgage lending, but everyone seems to have a different idea of what AI means.
Originally published in Progress in Lending in April 2021
Now that we’ve reached the finish line for implementation of the Uniform Residential Mortgage Application (URLA), many technology firms that have been focused on ensuring a smooth transition to the new loan application are now free to get back to the work they typically do. This is very exciting.
While URLA will make things better for investors and the government, the primary task of most mortgage technologists is to make things better for lenders, to offer them some relief so they can serve more borrowers. That’s the most rewarding work we do.
Lenders are still experiencing friction. Even though we have made incredible gains with mortgage automation, it’s still an assembly line. The conveyor moves the deal through the process, but everyday millions of employee hours are spent looking at the documents coming down the line and making sure they contain the right information.
There is a better way.
The rise of AI in mortgage
Many have written about the importance of Artificial Intelligence in mortgage lending, but because everyone seems to have a different idea of what AI means and how it should be employed, the ultimate benefits are often unclear.
Let me clear that up.
Read the full article here.
By Jim Rosen, VP, Product Management at Mortgage Cadence
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