“I think there’s probably going to be some tech platforms or tech companies that come out with their own ‘AI originator’. I don’t know how that would work on a licensing standpoint, but I do see it going that way.”
Originators who are currently thriving will likely still find a way to continue growing their business and flourishing in the face of the AI revolution – but those currently doing many loans a month will likely find it “very, very tough” competing with that technology, according to Petty.
“Within the next 24 months, you’re going to be able to have Yoda as your loan originator,” he said. “He’s going to be available 24/7 and he’s going to know everything there is to know about loans, structuring a 1003, running finds, underwriting, processing, and all of this.
“Tom Brady is going to be your originator and you’ll be able to Zoom chat with him – it’ll be looking just like him. It’s going to be very interesting to see how an originator markets against something that knows loans and marketing better than [they do], and it doesn’t sleep.”
Enrique Braunschweiger, President and Broker-Owner at First West Financial, embraces artificial intelligence to enhance his video content creation despite not being as tech-savvy.
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How might lenders implement AI in the mortgage space?
Major companies on the retail side, particularly those with call centres, could gravitate towards using an AI caller that will call leads and get documents, Petty said, with borrowers also likely to increasingly structure their loans with the assistance of AI.
Source: mpamag.com