How are you using AI in Your lending business?

Question

I use AI in my business every single day.

It prices deals. Pulls data. Spots risks I might miss.

But I have one rule:

AI gets a vote. It doesn't get the final vote.

The final call on every deal is still mine.

Here's the thing, though.

The tools keep getting better.

And some days, the AI's answer beats my gut.

So I'm starting a daily conversation this week:

Is AI just a tool we use?

Or is it earning the right to make the final decision?

Do you have a line AI doesn't cross in your business? Where is it? Leave a Comment.

Bill DiFilippis · Answer

I am a deal desk manager- I use it every day.

I use it to summarize docs, create jumbo loan write ups, etc.

Definitely speeds up the process... I am in alignment though - I would never trust it to make an actual decision. There are still way to many errors that I catch.

Alex Bekeza · Answer

AI can be great to save time on delivering pricing (as long as you have the correct variables to apply the right LLPAs), drafting previously time consuming documents like pre approvals, loan commitments, analyze borrower provided docs, etc.  At the end of the day, borrowers want to be able to pick up the phone and get a hold of someone at their lender or have a direct cell line to their LO.  So AI shouldn't replace that element but can definitely allow the LO to focus their time on where it's best spent that's for sure! For now, I guess I'd draw the line at having it replace the ability to contact me directly for advice.  We use it to save time on all the nitty gritty paperwork tasks so we have more time for that white glove service that wins repeat business.