Many mortgage lenders are adopting consumer-facing, digital-first mortgage products that customers can use to create a hyper-personalized experience. Nonetheless, they aren’t great at validating and verifying the information along the journey. Lenders still have to go back to the customer to request the same information repeatedly, which increases turnaround time and frustration.
However, with AI, mortgage lenders can make instant decisions about the accuracy and completeness of a borrower’s data as the data comes through. AI can also help with identifying which customers may need help making payments.