Artificial Intelligence (AI) has taken center stage in nearly every industry, and the mortgage sector is no exception. Karl Deeter, CEO of OnlineApplication, recently shared his insights on how AI has evolved and how it’s shaping the future of mortgage technology. His reflections offer a clear picture of the challenges and benefits AI brings, particularly in streamlining the mortgage process.
The Evolution of AI in Mortgage Applications
Deeter highlights how, in 2020, his company embarked on integrating AI into their mortgage platform. The goal was to automate the reading of bank statements and payslips—a crucial but labor-intensive aspect of the mortgage process. However, the early stages of AI adoption were far from seamless. The technology required a significant amount of “training,” where massive amounts of data needed to be manually corrected before any meaningful automation could occur. This led to the decision to halt their AI efforts temporarily and focus on more practical solutions.
Fast forward a few years, and the landscape has drastically changed. AI services that once seemed impossible are now readily available and much easier to implement. Today, platforms can effortlessly extract key data from documents and transform it into usable formats, thanks to pre-built AI tools that require no specialized engineering skills. This shift has made AI more accessible and practical for companies like OnlineApplication, which are now able to integrate advanced technology without the need for heavy investment in AI expertise.
AI in Mortgage Technology: A Game-Changer
The mortgage industry, known for its complex documentation and rigorous verification processes, stands to gain significantly from AI-driven tools. AI can now quickly identify documents, pull out pertinent information, and process it efficiently—saving both time and resources for mortgage professionals. What once required a dedicated engineer is now handled by easily accessible software, streamlining workflows and reducing the potential for human error.
For mortgage professionals, AI serves as a powerful tool that works behind the scenes, much like a doctor administering medicine. It enhances the speed and accuracy of processes, allowing advisors to focus on providing expert advice rather than getting bogged down in administrative tasks.
OnlineApplication and the Future of AI in Mortgages
OnlineApplication’s experience underscores a key lesson: AI technology is advancing rapidly, and companies must remain adaptable to harness its full potential. The initial struggle with AI is a testament to the need for patience and precision in its implementation. Today, with AI becoming more user-friendly and affordable, it’s easier for mortgage providers to incorporate these tools to enhance their services.
As Deeter points out, while AI is a game-changer, actual human intelligence remains indispensable. Mortgage advisors are still crucial in guiding clients through the complexities of the process. However, by leveraging AI, they can improve efficiency and deliver better service.
The future of AI in mortgage technology is bright. As the tools become even more refined, companies like OnlineApplication will continue to innovate, making the mortgage application process faster, more accurate, and ultimately, more accessible for everyone.
