Michael Patterson, chief operating officer at Freedom Mortgage, said intelligently using data collected from borrowers is key to improving customer experience and boosting retention.

Experts believe lenders will leverage new technologies to improve the customer experience.

Mortgage lenders are partnering with student loan debt repayment services as a pathway to drive business with new and existing borrowers.

Truist is using an AI tool from Dark Matter Technologies for underwriting processes while having humans validate the results. Meanwhile, MISMO is working on a framework for AI.

AI is expected to be increasingly used by both lenders and borrowers thanks to improvements in the seemingly ubiquitous tech.

Lenders with high adoption rates for tools from Freddie Mac like automated collateral estimator and asset and income modeler have significantly lower per-loan costs and higher per-loan profits, the GSE says.

Carrington Mortgage and Rate launched new tools to reach borrowers with limited English proficiency.

After originating HELOCs on its own as a proof-of-concept, Figure Technology Solutions is now largely facilitating originations and loan sales for others, charging fees along the way. The company generated $89.8 million of net income in the third quarter.

The share of renter households whose rent payment history has been reported to at least one credit bureau grew from 3% to 13% in four years.

AI and self-service options are increasingly being used to help servicers communicate with younger homeowners.