AI and Mortgage in the future..

[Erik Estrada]

AI is getting progressively better and I am seeing a lot more lenders incorporating it into underwriting, processing, and even loan scenarios/structuring. It makes me wonder what originating could look like in the next 5 years? 

I am already seeing how powerful it is in locating borrower data & information, making stressful/annoying tasks easier/streamlined, and noticing how it is very hard to distinguish an AI bot from an actual human. 

Do you think we are all doomed? Should we take advantage of this tech and plan for an exit strategy before AI fully takes over? 

[Steve K.]

I think AI will impact mortgages in the same way that the Segway revolutionized urban transportation, 3D printers reworked the manufacturing industry, virtual reality headsets replaced TV’s, crypto rendered fiat currency obsolete, and blockchain transformed title transactions. By which I mean, it’ll have an impact, but not nearly as much as the current hype would have us believe.