How AI can drive career growth for mortgage professionals


Whether you fear it or embrace it, artificial intelligence is changing the way the mortgage industry works. 

Despite some employee concerns that AI will replace jobs — especially after recent layoffs — executives are reassuring workers that they plan to embrace AI to complete menial tasks, creating more freedom and time to grow in other areas of the job.

Read more: Freddie Mac said to test artificial intelligence underwriting software

Generative AI has already proven to be effective for some lenders who utilize it for daily tasks such as composing content and marketing material, helping with search-engine optimization or producing email responses. Still, that comes with caveats. “AI can be used to help research and write copy for marketing, but the resulting copy will still need to be verified and massaged,” said one respondent to a survey conducted by National Mortgage News

Companies are even more cautious when it comes to unleashing artificial intelligence in any sort of customer-facing capacity, although a few are examining how a tool could be designed to be compliant while still providing value and protection to a client. But the current lack of clear regulations did not deter some lenders from testing the waters with AI chatbots in the past year. Others are still “working out requirements to assess where they can potentially be used.”

Read more: Figure launches AI-powered customer service chatbot 

AI could replace upwards of 300 million jobs in the next few years, according to Katherine Campbell, founder of consulting firm Leopard Job and former AnnieMac Home Mortgage executive. “Anything AI can do, typically a human being is miserable doing,” she recently told National Mortgage News’s Maria Volkova. “The more AI takes over the dirty work and we elevate ourselves to only what humans can do, the more satisfaction people will have in their lives.” 

Mr. Cooper, as an example, has implemented AI into its work, but isn’t replacing its experts with computers. The company uses the tech in fulfillment and due diligence roles, but takes a more cautious approach with AI in front-office functions, Sridhar Sharma, executive vice president and chief information officer at the company, told National Mortgage News’ Andrew Martinez. Underwriters at Mr. Cooper use AI in a co-pilot mode, reviewing a computer’s decision-making before moving forward. 

“I don’t think the fear is that it will replace all our jobs,” he said. “I think the way we look at it as an opportunity for our team members to handle twice the loans that we handle today.” The executive said Mr. Cooper grew from a $500 billion mortgage servicing rights portfolio to nearly $1 trillion with a relatively similar headcount, and said technology will be a big part of growing it to $1.5 trillion while retaining staff. 

Read more: How a Tennessee credit union uses generative AI to foster fair lending 

Read more about how the industry is continuing to implement AI and how this technology can drive career growth for mortgage professionals.


Leave a Reply

Your email address will not be published. Required fields are marked *