The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

In a purchase market, rookie LOs may struggle

Rookie LOs in 2020 could ride the refi wave and rack up a hefty monthly paycheck without Herculean effort. But these days, they'll have to sing for their supper.

Logan Mohtashami on trends in forbearance exits

In this episode of HousingWire Daily, Logan Mohtashami discusses several hot topics in the housing market, including recent trends in forbearance exits and future homebuyer demand in the midst of inventory shortages.

Natural disasters and forbearance: What borrowers and mortgage servicers need to know

With a rise in natural disasters, including wildfires, hurricanes, floods, tornadoes and mudslides. The mortgage industry needs to be proactive in examining programs to help borrowers recover.

Fintech

Expert: Here are 5 tech trends to watch in housing in 2020

Artificial intelligence to make waves

As we move toward the new year, many experts and economists are forecasting the housing market will continue to see growth. Now, one expert looks at the technology advancements we will see in 2020.

HousingWire sat down with Steve Butler, AI Foundry president and founder, who gave five trends to watch for artificial intelligence in 2020.

Recently, HousingWire sat down with Butler to talk about AI, where he predicted that within just two years, the majority of mortgage originations won’t need a human to touch them.

Now, Butler is expanding on his thoughts for AI with five predictions for 2020:

1. AI enables “Minimal human hands” on loans

Due to advancements in AI and machine learning, within the next two years, we will see the majority of mortgage loans get manufactured and sold off to Fannie Mae and Freddie Mac with very little human involvement. It will be a much more automated, mechanized process, driven by AI. In a recent article in Forbes, Keith Polaski, Radius Financial Group co-founder and chief operating officer, said that his company’s goal is to deliver all of its loans without a human touch to secondary mortgage market buyers like Fannie Mae or Freddie Mac.

2. AI becomes vertical-specific

We will see the adoption of vertical-specific intelligent robots that have the level of industry expertise required for mortgage processing. These intelligent robots will play a key role in the process. More companies will turn to mortgage-specific robots with embedded industry knowledge. According to an Inc. Magazine story, five billion-dollar industries that will be impacted by AI include: real estate, automotive, education, customer service and IoT.

3. AI drives digital transformation to new levels

The mortgage process is very paper-based and analog. However, robots need digital data – solutions that can turn analog processes into digital ones will help the mortgage industry make new advances in digital transformation, replacing many of the old analog processes that have been used for decades (e.g. thousands of paper documents, verbal conversations to check and re-check information, emails and written communication throughout the loan process.)

4. AI skills elevate executive careers

An increasing number of mortgage executives will reach proficient level on AI as they embrace learning and using AI technologies. These new AI-savvy executives will enhance their careers, separate from their peers, and create opportunities to improve their business. For example, Polaski stated in this Forbes story that by using AI, his company has reduced their loan manufacturing cost by 70%.

5. AI creates “virtual assembly lines” 

The mortgage office will change and begin to look more and more like a series of connected robots accomplishing discrete functions on the loan lifecycle. A “loan assembly line” will begin to take shape.

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