Illustration of doors floating in space to depict AI and Automation in the Mortgage Industry

Roles Impacted by AI in Mortgage

AI and automation are inevitably transforming the mortgage lending sector enabling more customer personalization while reducing cycle times, costs, and manual task handling. Naturally, some may wonder about the jobs impacted by AI in mortgage. Certainly, AI and automation will change how humans work by managing repetitive tasks. Human workers will have to upskill, but they will also get to spend more time on thought-provoking responsibilities.

With this in mind, AI and automation will improve employee engagement since employees will have more opportunities to focus on value-added tasks. To illustrate, AI and automation can help with the following mortgage tasks:

  • Sending alerts to borrowers regarding next steps
  • Data authentication
  • Making predictions about when a customer is ready to purchase a home 
  • Collecting data and pre-filling forms
  • Monitoring markets
  • Credit score verification
Illustration showing the various tasks AI can help with in the mortgage industry

Will employees lose their jobs? Well, let’s spend some time going over jobs impacted by AI in mortgage.

Loan Officer

AI and automation can undoubtedly improve the efficiency of the loan process. It can help identify potential issues before they explode. Moreover, it can improve workflows and send pre-approvals on demand offering a more streamlined process for loan officers. Instead of double-checking the paper trail, loan officers can focus on building relationships. Loan officers will not lose their jobs – the workload will be more relevant to their skills and experience. 

Customer Service

Improving the customer experience requires a shortening of the cycle time from application to closing. In fact, a short closing can be more attractive than interest rates. If the mortgage process is too slow, it may hamper the borrower’s ability to purchase the home they want on time. Mortgage lenders can stay ahead of their competitors by using automation to speed up their processes without sacrificing quality or accuracy. 

Another boon can include the use of chatbots to help mortgage lenders acquire new customers. When customers are browsing the company site, a chatbot can offer a friendly greeting, answer commonly asked questions, and point them in the right direction to continue customer engagement even when human employees are asleep.

Marketing

Getting a borrower’s account details is only the beginning of the marketing process. To keep customers engaged, they need consistent interactions. Yet, when a mortgage lender has thousands of customers, this can be difficult-to-impossible to accomplish without help. AI and marketing automation can increase the frequency of relevant messages and automate lead nurturing campaigns to successfully guide multitudes of clients through the buyer’s journey.

Servicing

From origination to the closing table, many aspects of these processes can be automated.

Contact us to see how AI and automation is revolutionizing the mortgage industry.