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The mortgage broking industry has taken to the integration of artificial intelligence technology like a duck to water in a very short amount of time and has seen swathes of new innovative products and services enter the space with a range of purposes designed to make the working lives easier for brokers and their clients.
A most recent example of this can be seen with the announcement of HAILO, a one-page home loan application by LoanOptions.ai, which will reportedly allow brokers and borrowers to cut application times to just five minutes, according to the company’s founder and CEO, Julian Fayad.
Speaking on the rise of this new tech, the owner and mortgage broker of Two Red Shoes, Rebecca Jarrett-Dalton, acknowledged the impact that AI has had on not just the broking industry, but all industries; however, there’s a caveat.
“AI is undeniably the future in all industries to some extent, and the potential efficiencies are exciting in terms of what it could mean for speedier approvals and great customer outcomes.
“That said – if you’ve ever played with ChatGPT or any kind of chatbot, you know the responses can be less than ideal, less than accurate to be frank.
“There’s little nuance or interpretation and in lending it is all about the nuance and interpretation,” Jarrett-Dalton said.
AI provides a fantastic shortcut for repeat activities such as scanning and dissembling data, working through basic queries and questions. but it “can’t hold a client’s proverbial hand through the process of giving them any kind of comfort or confidence that things are correct,” Jarret-Dalton said.
“The potential for fraud is scary as well; as technology moves towards automated identification processes and loan applications, the advent of deep fake videos and email interruption presents risk of fraudulent transactions being undetected.
“This is very worrisome,” she said.
“In general, home buyers want to know they will have enough money – a simple enough calculation if you input the right data – but they don’t know if they have input the right data.
“They want to know they’ll meet deadlines and they’ve thought of everything they need to know. Refinancers want to know they are making the right considerations and comparisons.
“There is still a strong role for people in lending.”
[RELATED: Latest tech pitched as ’fastest and most intuitive way for customers to apply for a home loan’]
