Of the roughly 7 million mortgages originated in the U.S. annually, an increasing share are to borrowers under 35 years old. Lenders, and the broader sector, are likely pleased to learn this expanding pool of borrowers has recognized how artificial intelligence is changing mortgage lending.
But though AI has increasingly been infused across the mortgage ecosystem over the past year, experts tell Scotsman Guide that lenders should pursue automation strategies that target AI enhancements with tangible outcomes.
“What is this doing for the consumer?” asks Peter Silberstein, chief capital officer at Unlock, a home equity investment originator. “It’s shortening closing timelines and it’s reducing costs for the originator. So, what does that mean...