2023 Mortgage Industry Predictions: How AI Is Changing the Game

Jason February 23, 2023 0 Comments

Not long ago, artificial intelligence (AI) was a distant fantasy. Today, it’s an industry-shifting reality. You may be wondering how AI is changing the mortgage industry. Here’s what to expect from mortgage industry AI advances in 2023.

Streamline Your Underwriting Process

AI can streamline the intense underwriting process by completing the following tasks:

Autocomplete any essential forms
Verify customer data
Analyze data from external databases

AI makes the loan origination process faster than ever and causes fewer errors. Your clients will appreciate faster turnaround times and near-instant feedback.

Maintain Customer Communication

Many customers are looking for guidance. That’s especially true for first-time buyers. AI can enhance how you interact with your clients from the moment they land on your website.

For instance, AI can power chatbots. When customers have questions, they can interact with an AI-powered chat feature. They can ask questions to learn more about mortgage options. The chatbot will pull the customer’s data so you can follow up with them later.

AI can also send automated updates to your clients. When borrowers complete a crucial step in the lending process, they’ll receive a message. The process helps you maintain a personal connection every step of the way.

Improve Practice Efficiency

Mortgage industry AI advances in 2023 will improve the efficiency of your practice. With more automation in place, you’ll get more done. Your clients will even notice the difference. That’s because you’ll have more time to devote to their needs.

Additionally, automated features will help you process more applications in less time. The improved efficiency can help you scale your practice. A good customer relationship management (CRM) platform helps take on more clients. It does so without the need for more staff.

Enhance Compliance

Regulatory issues do nothing but create delays in the mortgage approval process. An AI-based system can check federal and state requirements in real-time.

AI can flag errors and regulatory concerns and offer insight into how to adapt to mortgage industry AI advances in 2023. It can also streamline the origination process. Lenders can adhere to established standards without compromising on speed or efficiency.

Help Those with Limited Credit History

Borrowers come to non-bank lenders for a variety of reasons. Many look for lenders who will approve them despite their limited credit history.

An AI-based system can assess a customer’s data to determine their creditworthiness. That is a different process from the traditional FICO score. These programs allow lenders to approve loans based on an AI-generated forecast. They may help you tap into a new market, offering loan programs to younger borrowers.

How to Stay Current with Mortgage Industry AI Advances in 2023

Technology is changing at breakneck speeds with no sign of slowing down. Mortgage lenders can stay current by implementing a CRM platform in their business. The BNTouch platform helps boost efficiency, market your business, and collaborate with others.

To see all of these features in action, contact BNTouch for a demo.

Request a free demo

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AboutJason Richardson

Jason specializes in digital marketing strategies and founded a digital marketing agency Richardson Digital Media™. Richardson Digital Media™ has quickly become a preferred marketing provider for real estate companies and nationwide mortgage lenders. Jason has won 9 President’s Circle of Excellence Awards for loan production over his career and was most recently honored as one of National Mortgage Professional Magazine’s “40 Under 40: The 40 Most Influential Mortgage Professionals.”