Artificial intelligence (AI) is a fast-growing tool across countless industries. And when you implement it carefully, it has the potential to help your business grow.

As with any technology, it’s important to understand both the advantages and risks associated with AI. Here’s a quick look at the opportunities and challenges mortgage AI brings to the mortgage lending industry.

Mortgage AI: A World of Opportunity

AI is shaping the mortgage lending landscape for the better. Here are a few ways it’s opening up opportunities for lenders:

Task Automation

Dull, repetitive tasks like data entry are a part of mortgage lending. But that doesn’t mean you need to do them yourself. With AI, you can have these tasks completed automatically. You’ll be able to use the time saved to focus on strategizing, finding and cultivating leads, and performing other key activities.

Data-Informed Predictions

When you have accurate industry predictions and insights, you make better decisions. AI excels when it comes to compiling and analyzing data. It can predict future market trends and identify trends in customer behavior, enabling you to adapt when necessary.

For example, check out our full piece highlighting the role of AI and ChatGPT is playing in transforming mortgage technology.

Optimizing Processes

Even the best-run mortgage lending company can always improve. But often, it’s difficult to identify where to start. AI can analyze every step of the lending process and show you which areas might need improvement.

Detecting Fraud

Through machine learning, AI can detect potential fraud faster than humans. When you identify fraud quickly, you protect both your business and your customers. A good customer relationship management (CRM) platform will include automatic fraud detection. As soon as there’s an issue, you’ll know about it.

Managing Documents

Mortgage lending involves a lot of paperwork, and AI can help you keep track of it. When integrated into a CRM, this technology can organize and store documents, making it quick and easy to access them.

Concerns in a Changing Mortgage Landscape

Like any new technological innovation, mortgage AI is not without its concerns. Here are a few things to be mindful of as we move forward with this new technology:

Bias in Algorithmic Underwriting

Traditional underwriting takes time. Automating it with AI can be helpful, as AI algorithms rely on data to instantly approve or deny applicants.

However, experts think this process might not accurately assess a buyer’s financial situation. They also believe that it may perpetuate or worsen existing biases based on income, gender, race, and other factors.

For example, check out our full piece highlighting the role of AI and ChatGPT is playing in transforming mortgage technology.

Loss of Human Touch

AI can be incredibly helpful to mortgage advisors. However, it can’t replicate the relationship between advisors and borrowers. If mortgage advisors come to rely too heavily on AI, they may be less successful at building customer relationships.

Discover the Benefits of AI

If you want to use AI but aren’t sure where to start, you don’t have to do it alone. BNTouch is a CRM tool for mortgage lenders. By integrating our platform with AI, we’ve made it possible for you to harness the power of artificial intelligence to improve your sales, customer relationships, and more. 

Do you want to understand how we can help change your business for the better? Reach out to us today to request a free demo.

To learn more or schedule a demo, contact BNTouch today.

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Artificial intelligence (AI) is revolutionizing the mortgage industry. AI-powered tools can automate core processes and make many areas far more efficient. AI technology can also streamline the mortgage application process.

If you’re a mortgage broker, this can bring many benefits to you and your clients. Read on to learn the ways that AI is helping to improve the mortgage industry.

Customer Service

No software can replace a human touch. That said, AI can augment your customer service offerings. In particular, an AI chatbot can field initial customer inquiries. First-time applicants can use it to ask questions and learn more about the lending process.

But the benefits don’t stop there. Artificial intelligence can also screen applicants. Then, it can connect them to the loan option that best suits their needs. This will serve them well as they continue through the process. As a result, your clients will be able to choose loan options with a greater chance of qualification.

Automating Routine Processes

AI tools can automate routine aspects of the mortgage application process. This makes your practice faster and more efficient. 

For example, AI tools can process borrowers’ pre-qualification forms with greater efficiency. They’ll be happier with the results — and more likely to stick with your company for the final loan.

For example, check out our full piece highlighting the role of AI and ChatGPT is playing in transforming mortgage technology.

Faster Loan Approval

Artificial intelligence can analyze large amounts of data. As a result, loan approval and underwriting will be fast and efficient. Automation also reduces the errors that creep in through manual data entry. Eliminating these errors can increase your speed.

Customers can expect faster decisions, which leads to greater satisfaction and confidence. Reduced underwriting times also improve company efficiency. By using AI for loan approvals, you can save money as well as increase your client volume. 

Options for Non-Traditional Borrowers

The traditional mortgage application process requires borrowers to provide documents such as:

• Bank statements
• W2s
• Tax returns
• Other sources of income

Lenders will additionally request a credit report. They’ll then use that information to consider the borrower’s creditworthiness. But not everyone fits this model. Freelancers and business owners may lack traditional income statements. And those with low credit may be able to qualify using other data.

AI-powered software can make it easier to assess non-traditional borrowers. This allows you to serve a broader market — and may even give you a competitive advantage. 

Document Management

The mortgage application process requires many forms. An AI-powered program can keep them all organized. You may already rely on a cloud-based storage system for easy document retrieval. But artificial intelligence will help you store, assess, and retrieve any documents you need.

It’s like having a digital assistant at your fingertips. You and your team can get more done while focusing on superior customer service. 

For example, check out our full piece highlighting the role of AI and ChatGPT is playing in transforming mortgage technology.

Do More with Less

Welcome to the future of lending. BNTouch helps you nurture customer relationships. A customer relationship management (CRM) system allows you to build a better mortgage pipeline. Your clients will appreciate the online customer portal as well. To see these features in action, contact BNTouch to schedule a demo. 

To learn more or schedule a demo, contact BNTouch today.

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If you’re a mortgage lender, you’re in the business of closing leads. But closing those leads becomes harder if you’re disorganized or pulled in too many directions.

Fortunately, Chat Generative Pre-training Transformer (ChatGPT for short) is a valuable tool for streamlining your workflow and customer relationships. When you leverage its power, you’ll close more leads while giving your customers an unmatched experience.

How ChatGPT Can Help Personalize Mortgage Customer Experiences

ChatGPT does more than answer questions on the internet — it’s become a valuable tool in the banking and financial services industries. The possibilities are endless when you integrate it with a customer relationship management (CRM) system. Here’s how you can make it work for you.

Answer Questions 24/7

If your customers ask you questions by phone or email, they may have to wait hours or days for a reply. ChatGPT is great for automating customer service while still adding a personal touch. 

ChatGPT can create a live chat service on your website or app. It can answer customer questions and concerns instantly. Everyone wins: customers get their answers quickly, and your time is freed to help you focus on leads.

Check out our full piece highlighting the role of AI and ChatGPT is playing in transforming mortgage technology here

Fortunately, you don’t have to be a tech expert to set up a live chat feature. A quality customer relationship management (CRM) tool will set the chat up for you.

Analyze Customer Concerns

The name might make you think ChatGPT is only suitable for chat applications, but it does much more than that! Leverage ChatGPT by using this technology to analyze data and help you deliver a personalized experience.

That data can be collected through customer activity, interactions with your site’s live chat, and more. For example, let’s say that through live chat, ChatGPT finds that many customers are frustrated with a specific step in the loan process. 

With that information in mind, you can adjust the loan application process to simplify that step.

Send Customized Texts and Emails

Unless you overuse them, personalized marketing emails and texts can help you close leads and improve mortgage customer experiences. Sending personalized texts and emails yourself is impractical. But using customer data and the power of artificial intelligence, ChatGPT can create and send customized messages by itself. 

Create Custom Web Portals

A good CRM doesn’t just optimize your experience as a lender. It also makes the customer experience easier. ChatGPT can design web portals to fit each customer’s needs. It can also be set up to send customers important updates about their loans.

Create Quality Web Content

Because you close mortgage leads, you might consider using ChatGPT to create a blog addressing common homebuyer concerns, mortgage rate trends, and other helpful topics. 

Customers will see that you’re doing more than just convincing them to get a loan. They’ll see you as a company that cares about their experience.

Make ChatGPT Work for You

Want to empower your company to reach new heights? BNTouch can help. We’re a CRM provider dedicated to helping you achieve business growth and optimize your mortgage customer experiences.

We believe that technology is the future, and we allow you to integrate ChatGPT with our system fully. Want to see how we can help you? Schedule a free demo today.

To schedule a demo, contact our experienced team today!

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The future of mortgage lending will be a blend of man and machine. Artificial intelligence (AI) is transforming mortgage technology and improving lending. That’s good news for borrowers and lenders alike.

You can use these digital resources to streamline your operations and provide superior customer service. They even help you create quality marketing content. Here are some ways that AI and ChatGPT might impact your lending practice.

What Is ChatGPT?

Artificial intelligence (AI) refers to software designed to mimic human processes. ChatGPT — created by OpenAI — is a chat tool powered by AI that offers human-like interactions. The tool can also help you compose essays, emails, and more, making it a marketer’s dream come true.

The Benefits of AI and ChatGPT for Mortgage Technology

AI is shaking up the mortgage industry. How? Here are some benefits of using AI and ChatGPT in your lending practice.

Responsive Customer Service

Mortgage customers often come to your website looking for answers. That’s especially true for new buyers unfamiliar with the mortgage process. ChatGPT can integrate with your customer service software. In turn, you get an AI-powered chatbot that offers friendly, informative responses to visitors — all in real-time.

An AI chatbot can resolve customer inquiries and issues and capture user data to add to your lead pipeline. Customers will appreciate the support they get through your website. And with a chatbot handling these inquiries, your employees can offer flexible, personalized support to your other clients.

Personalized Customer Support

Artificial intelligence can do more than answer customer questions. AI-powered mortgage technology can also offer a personalized customer experience.

An AI-powered platform will learn more about your customers’ financial circumstances. Then, it will connect these customers to mortgage products that align with their needs. For example, AI might suggest an FHA loan to a first-time buyer with limited credit.

Customers may not even be aware that such options exist. Offering a personalized experience can enhance customer loyalty and boost satisfaction.

Faster Decision-Making

AI-powered mortgage technology will make you faster than ever before. It will let you simplify processes such as:

• Data processing
• Loan origination
• Underwriting

Not only will these processes be faster — you’ll avoid the errors that creep in through manual data entry. And remember: AI relies only on borrower data. Therefore, it eliminates the possibility of unconscious bias, creating a fairer lending process.

Customers often compare rates from different lenders. Being able to offer fast decisions can lead your clients to select the lender that will help them reach their financial goals. The faster you can offer feedback, the more you’ll be able to compete against other lenders.

Support for Non-Traditional Borrowers

Not every borrower will qualify for a traditional loan. For some, it’s a matter of credit history. But others — such as freelancers and small business owners — may lack consistent income or documents like Form W2.

Lenders can still work with these clients. But you’ll need to assess these borrowers through non-traditional means. AI-powered mortgage technology can review data such as:

• Bank records
• Payment history
• Form 1099
• Education
• Employment history

Some AI platforms even look at a borrower’s social media presence. The point is that you can use your mortgage technology to help borrowers of every type. 

And who knows? This may even allow you to carve out a competitive niche as a lender specializing in non-traditional lending options.

Content Creation

You’re probably aware that ChatGPT can create blog posts and other web content. But that’s only the start. This AI-powered writing tool has countless applications. Consider using ChatGPT for uses such as:

• Keyword research for web content
• Composition of promotional emails
• Creation of social media captions and posts
• Generation of scripts for marketing videos
• Titles and topics suggestions for blog posts

All you do is dictate your thoughts to ChatGPT; the program helps you organize your ideas. After that, you can use the finished product as a blog post, email, or script.

ChatGPT can help lenders build a library of resources. Customers can tap into that knowledge base to learn more about lending. They might be more inclined to select you as their lender.

Audio Voiceovers

Need a narrator for your promotional video? AI can handle that, too.

Some of the most advanced marketing tools allow you to upload a script that an AI-powered program will then narrate. It will even add human-like voice inflection to convey emphasis and emotion.

You can use your voice, but you can also select from a handful of customizable options. Hiring a voice actor is unnecessary; let AI be your narrator.

Optimize Your Web Content

ChaptGPT can help you create new web content or optimize what you already have. For instance, search engine optimization (SEO) is the art of using “keywords” to improve your visibility. If a web user searches for a relevant keyword, you want your web page to appear in the top search engine results.

ChatGPT can assist with keyword research. It can also suggest SEO-friendly titles. This ensures that your web content always stays in the sweet spot of borrower searches. It also improves your chances of catching the attention of potential clients. 

Intelligent Lead Generation

Lenders receive leads from many sources. Some leaders even come from partners in the community. But not every piece of information you receive will be high-quality. Tools like ChatGPT can improve your screening process.

The program can analyze user data to identify leads with the highest probability of completing an application. Mortgage brokers can tailor their marketing efforts to reach these leads.

Used this way, your mortgage technology can help you focus on leads with the highest return on investment. This enables you to use your time more wisely — and can also be a way to scale your business.

Risk Management

It’s impossible to predict the future. But AI-powered mortgage technology can help you lower risk by:

• Reviewing large amounts of customer data 
• Verifying that applicants meet the lending requirements 
• Identifying potential risks 

You can then take steps to deal with the risks on a case-by-case basis.

Additionally, your AI-powered platform can use machine learning for advanced fraud detection and prevent illegal activity from ever taking place. This protects you from scams and can also preserve the integrity of borrower data.

Regulatory Compliance

AI-powered tools can also ensure that you meet your regulatory compliance requirements. Your software will compare your business processes to establish regulations to provide documented evidence that you abide by policies such as:

• The Fair Housing Act (FHA)
• The Bank Secrecy Act (BSA)
• Home Mortgage Disclosure Act (HMDA)
• False Claims Act

And because AI relies on machine learning algorithms, you’ll adapt to new changes, so you’re always on top of regulatory concerns. AI can provide greater confidence that your lending practice is secure and help you avoid risks that cost you time and money.

Workflow Automation

Technology also has the potential to improve the experience of your office staff. You can use AI to automate core processes, such as payroll, billing, and more. 

And AI systems can help with document management. Lenders use their customer relationship management platform to store documents and completed forms, providing you with the data you need — right at your fingertips.

As a result, you’ll get more done with less, and your workers will notice the difference. Workflow automation reduces their administrative burden. Instead, employees can devote more time to revenue-generating activities that keep their practice going.

Advanced Analytics and Support

Lenders can use internal data to assess their effectiveness, and artificial intelligence gives lenders and office managers greater insight into their practice. For instance, ChatGPT can help you comb through vast amounts of data. Not only will this tool help you analyze past trends, but you’ll be able to identify repeating trends too.

Lenders can use this data to learn more about customer behavior or predict changes in the market. This can foster better decision-making or pinpoint areas for improvement.

The Future of AI and Mortgage Lending

The revolution has only just begun. It’s likely that, within a short time, AI will offer even more benefits, such as:

• Using multiple data points for intelligent property valuations
• Offering property tours in virtual or augmented reality
• Integration with other software to predict changes in local markets

These features will only improve the benefits listed above. Lending will always be a human-centered enterprise, but AI can enhance these core processes to make the customer journey better.

The Future Starts Today

Technology can improve your lending practice in countless ways. The BNTouch platform is an advanced customer relationship management (CRM) system that can transform your business.

BNTouch features customer portals, prebuilt marketing content, collaborative tools, and more. These features will help you build a better borrower pipeline and take your business to the next level.

To learn more or schedule a demo, contact BNTouch today.

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