by Nick Marr 
Now that generative machine learning and artificial intelligence are making waves, the mortgage underwriting scenario has also effectively been caught up with. Be it fraud detection, aiding verification, or enhanced customer service. Several industry experts have been pointing out how the use of artificial intelligence will keep rolling into mortgage Underwriting Services
However, things aren’t as easy as they look. In fact, several engineers and experts are also skeptical about the security aspects of artificial intelligence. So, what does that mean for the mortgage industry? That’s exactly what this article is to uncover. So stay tuned as you read along.
Where does Ai fall in the mortgage underwriting Industry?
According to fintech experts, artificial intelligence can be utilized in the arena of mortgage underwriting in two key ways. One is for the purpose of research, and the other is for efficiency.
The former takes a closer look at customer behavior and consumer psychology. It takes into account the behavior patterns for the purpose of marketing or trying to get to know any early signs of someone taking out a mortgage.
On the flip side, efficiency is all about making the process of mortgage underwriting and payment plans more streamlined, time-sensitive or simply easier to use
Can the mortgage industry utilise Ai for underwriting?
Another area where fintech developers wish to see this tool is in the process of customer verifications, data sorting, and processing of mortgages, loans, and related transactions. However, the accuracy and the safety of this are still quite suspect.
You can look at this as part of clarifying any technical doubts, making the process of paying off your dues or asking for financial support more contemporary and relevant. This involves getting rid of outdated programs, laggy systems, and modes of operation so that the present system is free of any errors.
Another major use might be generative artificial intelligence for the purpose of creating and prompting publishable material for websites, blogs, customer service, or simply marketing strategies.
Wrapping up
So what does that tell us? What we see is a pretty large divide between what fintech experts think of the potential of artificial intelligence versus what the consumers actually feel. As mentioned earlier, while there is a lot of scope for exploration as to why AI is integrated into mortgaging underwriting, it is still theoretical. However, a lot of it still remains in the realm of theory.
It will still take some testing and deliberation for it to be made into a constant presence in mortgage data verification and underwriting procedures. In fact, 65% of lenders know what artificial intelligence is, and only 7% have actually used it. However, as more uses are tested and tried, there are sure to be solutions to today’s problems.
