There’s no denying that technology is deeply intertwined with our modern-day routines. From rideshare and food delivery apps to online shopping and video chat, it’s clear that nearly every aspect of our lives is more or less “plugged in” these days.
And if you’ve been watching the news recently, you’ve no doubt read about the most recent development: Artificial Intelligence (AI).
It seems like everyone is talking about AI – what it can do, the challenges and benefits, and the endless possibilities it could present. In fact, Jamie Dimon, CEO at JPMorgan Chase, recently claimed that AI’s impact will rival the printing press, electricity, and computers!
While it may seem like these futuristic technologies are more applicable in fields like engineering, mathematics, or, say, science fiction writing, mortgage professionals may have more to gain from AI’s rising popularity than those other fields. After all, the mortgage industry is historically slow to adapt to change. Many processes that could have been automated long ago remain manual, causing bottlenecks, diminishing customer satisfaction, and overall complicating things.
So, if you haven’t hopped on the AI train just yet, there’s no time like the present! A sizable 73% of American companies are already using AI in some aspect of their business. Let’s get you caught up.
This blog will explore the definition of AI, some of its common applications, and potential opportunities for mortgage professionals just like you. This way, you can help ensure your practices remain competitive in an increasingly technological landscape.
Let’s dive in!
First things first, what even is AI? If you’re not entirely sure, don’t worry. You’re not alone.
Before we dive into how AI could be shaking up the mortgage industry, let’s get clear on the definition:
AI, short for Artificial Intelligence, is a technology that allows machines to mimic human thought and problem-solving.
GPS tools and self-driving vehicles are technically examples of AI. But when people talk about AI today, they’re usually referring to generative AI, like Open AI’s ChatGPT.
Generative AI creates new content based on “prompts.” Essentially, you give the tech prompt (basically, a command), and it provides an output. Just imagine asking an AI tool to create a newsletter, feeding it some reference content, and receiving a first draft within moments. This is the power of AI!
With such powerful potential, business owners across the globe are increasingly turning to AI for help.
Today, some popular AI uses in business include:
The truth is that the opportunities may be virtually endless. And remember, AI is constantly changing and evolving, too. So, what doesn’t feel entirely possible today could be seamless tomorrow.
That’s why it may be important that mortgage professionals stay abreast of tech trends and remain ready to dive in and experiment.
Essentially, organizations may be able to use AI to automate certain tasks and scale up operations, saving both time and money. That’s why artificial intelligence in the mortgage industry, specifically, could be revolutionary.
Just imagine: You if could hop on an auto-scheduled video call with a potential client. As soon as you hang up, an AI notetaker distributes a transcript of the meeting with key takeaways already highlighted. You feed the client’s application through an AI tool that calculates the odds of approval or offers up options and alternatives.
After closing, you could add their contact information to an AI-generated email newsletter. The tool would capture their preferences, automatically updating your content and sending frequency as needed. Before you know it, if they’re in the market to refinance, and they could book yet another virtual meeting through your auto-scheduling AI calendar tool. Welcome to the potential future of mortgage lending!
Whether you’re looking to dip your toe in or dive headfirst into artificial intelligence, you don’t want may not want to be left behind. Consider taking a course, experimenting with a free tool, or even investing in some smart mortgage tech to take that first step. Your future self may thank you.
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