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Future of AI and ML in Mortgage Industry
Mortgage lending has always been prone to frauds and has faced many obstacles during finding grounds in the market. Now the mortgage industry is witnessing the technological change with the introduction of artificial intelligence (AI) and has started to embrace the technology, still, AI is in its early stages and has a lot of applications to see in the industry. The obstacle in the expansion of AI in the mortgage industry that many lenders are familiar with the tech but very less of them uses AI tools as they are either unaware with its capabilities or they do not know how to use it.
Reduction in Time Period of Mortgage Process
Machine learning and artificial intelligence are capable of automating the mortgage process completely from application filling to mortgage approval. Not just mortgage but personal loan process can be automated these technologies and time involved can be easily reduced from weeks to days or even less, allowing humans to focus on identity verification and other significant tasks. AI enabled system holds potential to reduce cost for both lenders and banking institutions and improvised computational speed enabling them to handle more applications at the same time and also pay proper attention to each of them as filling level errors and disruptions will be handled by system saving humans from tedious task and making the overall less prone to errors.
Lenders and banks face fraud as a major problem but they find AI and machine learning most useful to combat the same. Analysis of data retrieved from different sources would leverage banks to predict frauds and prevent them. Also, these techs will help them to detect anomalies in their process and workflow making it more reliable and trustable than before. Lenders also see the potential of AI and ML in borrower default risk assessment where they will be examining all the information associated with borrower whether financial or non-financial to predict a likelihood of a borrower defaulting on a loan and take proactive measures to avoid it.
Enhanced Customer Experience
Not just lenders but customers will also be benefitted with modern age technologies as increased operational efficiency will agile the workflow also, associates who earlier busy completing the redundant task would get sufficient time to focus on customer experience and onboarding.