I don’t even have to leave my house, and my phone already knows where I’m about to go, maps out my route, and tells me what time I need to leave to get there.
In fact, once, while I had my map open I switched over to messages and texted my friend, “I’ll be there in-.” I never had to finish the sentence. My phone filled in the rest, because it already knew how long it was going to take me to get there.
Artificial intelligence has pushed technological advancements to a whole new level, and increasingly can do just as many things as humans.
Don’t believe me? Check out this call with Google Assistant. The other participant in the call never even knew they weren’t talking to a human.
June’s HW magazine features a story, The rise of the robots, which details the increasing role AI and machine learning play in the mortgage industry. HousingWire Editor-In-Chief Jacob Gaffney asks, “Has your job already been terminated?”
But how far out is the mortgage industry really from using the kind of technology available to consumers in other industries? While there may still be some, or even many, companies that use fax machines and make consumers physically sign their closing documents, the age of AI is actually closer than you may think. In fact, it may already be here.
Don’t believe me? You don’t have to. Check out the video below on how Ellie Mae is utilizing Amazon’s Alexa.
The future is already here.
But this just shows what AI is capable of on the loan officer side. What disruption will it bring to the industry when consumers have the same kind of access to information? What if I could say, “Hey Alexa, am I getting the best rate on my loan? How much will I pay in interest?” Or what about something even more complex: “Hey Alexa, is this the best mortgage for me?”
While at the most recent Mortgage Bankers Association National Secondary conference in New York City, I sat down with experts from Digital Risk to talk about the changes they’re seeing in mortgage finance technology.
Kimberly Lanham, Digital Risk senior vice president of marketing and client relations, explained that the company is currently working with AI and machine learning to provide deeper insights. The company also uses it to read structured and unstructured data and can show lenders red flags in the data.
Lanham agreed it won’t be long before consumers are using Alexa to apply for a mortgage, and said that’s why it’s important companies look several steps ahead to be ready.
At the same conference, Ellie Mae Executive Vice President Joe Tyrrell explained in an interview with HousingWire that Ellie Mae is also expanding its use of AI. It is currently working on teaching it to learn how a consumer wants to be communicated with, and how often.
Other companies are also increasing their use of AI. Monday, Black Knight announced its acquisition of HeavyWater, a provider of artificial intelligence and machine learning to the financial services industry.
The time is coming soon when consumers will be saying, “Alexa, get me a mortgage.” Will you be ready?