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.

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Technology continues to disrupt and reshape every aspect of the American economy, and the mortgage industry is no exception. Here are some of the most recent digital mortgage tech advances and how they’re changing the lending world.   

Customer Portals

Borrowers can save time by entering their information into a lender’s customer portal. It speeds up the underwriting process since the data is already present in the system, and it minimizes the chances of data entry errors that can slow the lending process down.  

Online portals also empower borrowers to complete digital applications from home. An integrated e-signature feature makes it easier for borrowers to complete forms. Together, these tools make it easier to walk people through the lending process.   

Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML technologies are helping lenders with administrative tasks. For example, AI streamlines the document-intensive mortgage process by auto-filling elemental forms. Likewise, digital mortgage tech advances can pull customer data from external sources, thereby increasing the speed of the application process. Lenders will also find it easier to assess the creditworthiness of potential clients.   

Blockchain Increases Transparency

Currently, cryptocurrency can’t be used to buy a home, but blockchain technology can increase transparency and give lenders access to reliable data. A blockchain is a distributed public ledger that centralizes the bank accounts, data, title deeds, and government records that other blockchain technologies can pull together, in turn making it easier for lenders to screen potential clients. 

The Rise of Non-Bank Lenders

More home buyers are looking for financing options through non-bank lenders than ever before, and financial technology (fintech) has made it easier to compare rates and apply online. 

That also creates an opportunity for non-bank lenders and increases competition, which is why your lending practice needs a quality customer relationship management (CRM) platform. Such technology will help borrowers explore your offered services and apply for them online.  

APIs Streamline Core Processes

Application programming interfaces (APIs) improve your efficiency by helping mortgage lenders do the following:

• Automate workflows
• Protect data accuracy
• Maintain regulatory compliance
• Communicate consistently with clients

API technology streamlines back-office processes, helping you stay focused on each client, and it also helps you grow your core business.  

Data-Driven Decision-Making

Mortgage lenders rely heavily on data to evaluate their customers, as they can use customer data to predict buying behavior and the probability of repayment.

Data also helps lenders identify broad industry trends as well. Lenders can use that information to connect borrowers with the right programs. They can also encourage customers to respond to market changes to get the best value.   

Keep Up with Mortgage Tech Advances

With technology always changing and evolving rapidly, lenders need to maintain the proper edge. The right mortgage CRM platform can help you do just that. 

To learn more about how CRM can streamline your lending practice, contact BNTouch today to schedule a demo and see how your business can step into the future.     

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Buyers, owners, and realtors are all wondering what’s in store for the real estate market of 2023. With mortgage rates set to fall, lenders can expect to encounter an increase in buyers. But they may wonder how to stand out from the competition. Here are some of the biggest mortgage marketing tech advances in 2023. Adapting to these trends can help you connect with clients and enhance your business.

AI-Based Communication

It’s no secret that artificial intelligence (AI) can simplify your administrative processes. But you may not know that AI can also help you connect with your customers.

AI currently powers chatbots, meaning borrowers can ask questions through the chat feature of a website. They’ll then receive real-time replies from the AI program.

Recent applicants can also receive automated updates from an AI-powered system. A customer relationship management (CRM) platform sends messages to clients. It does so as each phase of the application process gets done.

Build Your Network to Generate Leads

Generating new leads requires the work of both man and machine. Lenders can start by building their mortgage pipeline. They can later connect this pipeline to their professional network.

Developing relationships with other industry professionals also empowers you to generate new leads. For example, real estate agents can use an online portal to submit potential leads. That allows you to extend your reach and develop meaningful, local leads.

Customizable Marketing Content

Content marketing remains important in 2023. Sharing content on your social media channels allows you to expand your reach. A mortgage CRM platform can provide curated content for your marketing campaigns. But you can further customize this content to increase brand recognition.

The right CRM can also help you develop personalized video content. Millennials, in particular, prefer video over text. Using more video content can help you reach a younger demographic.

Integrative Advertising

Many businesses already rely on digital advertising on Google and Facebook. With the mortgage marketing tech advances in 2023, lenders can work well with CRM platforms.

Leads you generate from things like Facebook ads add to your mortgage pipeline. You can gain more recognition and leads with a single ad campaign.

Centralized Platform

This year’s advances need simple user interfaces to help you manage your processes and analyze data. Again, this is where mortgage CRM offers a reliable solution.

With CRM, loan officers can manage their pipeline and develop a social media calendar in a few clicks. The centralized dashboard helps track your marketing goals and customer behavior. Best of all, you can access a cloud-based system from anywhere in the world.

Getting Ready for Mortgage Marketing Tech Advances in 2023

With so many changes coming to the mortgage industry, it’s essential to be prepared. BNTouch offers a high-quality CRM platform. It helps you market your business and manage your core processes. To see these features in action, contact BNTouch for a demo.

Boost your efficiency and grow your business this year with new technology!

The post How Technology Is Shaping the Future of Mortgage Marketing in 2023 appeared first on .

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