The Latest Tech Revolution: How Are AI and Digital Mortgage Software Changing the Industry?

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The Latest Tech Revolution: How Are AI and Digital Mortgage Software Changing the Industry?

The world has gone digital—for MLOs, that means Artificial Intelligence and digital mortgage software are now part of the mortgage lending process. Are you using the latest tech to originate and close your loans? Here is how the latest tech revolution is changing the mortgage industry.

It’s no secret that technology is driving a large part of our lives. From rideshare and food delivery apps to online shopping and video chat, it is clear that nearly every aspect of life is plugged in, especially since COVID-19 hit. For the mortgage industry, however, two technologies are creating a lot of hype: artificial intelligence and digital mortgage software.

Compared to other industries, the mortgage lending and brokering business has much to gain from these technologies. In the past MLOs have been tied to manual processes. Many MLOs have been unable to provide their borrowers with a high-quality experience and affordable costs because of these manual processes.

But times are changing. Here are a few things to know about how AI and digital software are transforming our industry.

How AI Is Transforming Mortgage Lending

At the risk of (possibly over-) simplifying it, AI is a technology that analyzes data to identify patterns and make decisions. Within AI, machine learning goes a step further—while AI uses data to find the optimal solution for a given situation, machine learning also uses new information to improve the decision-making process.

In practice, organizations can use AI and machine learning to automate certain tasks, thus saving time and money. Within the mortgage industry, it is not difficult to imagine scenarios where such automation would be useful. As of today, most organizations are not able to use AI effectively.

However, it will not be long before AI becomes more practical for even small operations to use to optimize their processes.

How Digital Mortgage Software Is Changing the Industry

While AI is not completely integrated into today’s mortgage industry, digital software for mortgage origination and closing has been a major development over the last several years. This type of software helps MLOs and other industry professionals stay organized and up to date on where their loans are in the application process.

Other functions of this technology include broker-borrower-lender communication, compliance automation, digital applications, and easy-to-use visualization of key performance indicators. For MLOs who are trying to serve their clients with the fastest, highest quality of service, each of these is indispensable.

Where Humans and Tech Converge

At wemlo, we offer the best of both worlds. We are the point at which technology and people converge in the mortgage industry. If you want to start looking toward your future as an MLO so that you can better serve your clients, let us show you why you need our help.

Schedule a demo with us today.

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