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Here is how the latest tech revolution is changing the mortgage industry.

It’s no secret that technology drives a large part of our modern lives. From rideshare and food delivery apps to online shopping and video chat, it’s clear that nearly every aspect of life is plugged in, especially since the onset of the global COVID-19 pandemic.

But the technological advances making headlines in recent months? Artificial intelligence (AI) and increasingly sophisticated software platforms.

While it may seem like these futuristic technologies are more applicable in fields like engineering, mathematics, or, say, science fiction writing, MLOs perhaps have more to gain from AI’s rising popularity than those other fields. After all, the mortgage industry is historically slow to adapt to change. Many processes that could have been automated long ago remain manual, causing bottlenecks, diminishing customer satisfaction, and overall complicating things.

But times are changing, and the mortgage process is only going to become more tech-centric. So, the question becomes, can you effectively keep up?

Here are a few things to know about how AI and digital software are transforming our industry, so you can ensure your practices remain competitive in an increasingly technological landscape.

How AI Is Transforming Mortgage Lending

To put it simply, 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, some organizations are beginning to experiment with AI. For example, you could use AI to create newsletter content, auto chat with potential customers, or even improve accounting processes.

How Digital Mortgage Software Is Changing the Industry

As AI is integrated into today’s mortgage industry, you can also experiment with digital software for mortgage origination and closing, which has risen in popularity 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.

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