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Volume 22 - Number 11

May 25, 2018

Mortgage Industry Beginning to Incorporate AI

Servicers, lenders and other industry participants are starting to introduce artificial intelligence services to borrowers and use the technology internally. Late last week, Bank of America launched what it claims is “the first widely available AI-driven virtual financial assistant.” The assistant can help the bank’s customers complete tasks, including checking loan balances and scheduling mortgage payments. The assistant is being rolled out to the 25 million customers who use BofA’s mobile application ...

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Poll

Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.

35%

The wholesale/table funder. They’re taking the financial risk.

30%

The broker, but only for the first year. After that, the borrower is fair game.

13%

Hard to answer. It’s a complicated issue.

22%