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The Role of AI and ChatGPT in Transforming Mortgage Technology

The Role of AI and ChatGPT in Transforming Mortgage Technology

The future of mortgage lending will be a blend of man and machine. Artificial intelligence (AI) is transforming mortgage technology and improving lending. That’s good news for borrowers and lenders alike.

You can use these digital resources to streamline your operations and provide superior customer service. They even help you create quality marketing content. Here are some ways that AI and ChatGPT might impact your lending practice.

 

What Is ChatGPT?

Artificial intelligence (AI) refers to software designed to mimic human processes. ChatGPT — created by OpenAI — is a chat tool powered by AI that offers human-like interactions. The tool can also help you compose essays, emails, and more, making it a marketer’s dream come true.

The Benefits of AI and ChatGPT for Mortgage Technology

AI is shaking up the mortgage industry. How? Here are some benefits of using AI and ChatGPT in your lending practice.

Responsive Customer Service

Mortgage customers often come to your website looking for answers. That’s especially true for new buyers unfamiliar with the mortgage process. ChatGPT can integrate with your customer service software. In turn, you get an AI-powered chatbot that offers friendly, informative responses to visitors — all in real-time.

An AI chatbot can resolve customer inquiries and issues and capture user data to add to your lead pipeline. Customers will appreciate the support they get through your website. And with a chatbot handling these inquiries, your employees can offer flexible, personalized support to your other clients.

Personalized Customer Support

Artificial intelligence can do more than answer customer questions. AI-powered mortgage technology can also offer a personalized customer experience.

An AI-powered platform will learn more about your customers’ financial circumstances. Then, it will connect these customers to mortgage products that align with their needs. For example, AI might suggest an FHA loan to a first-time buyer with limited credit.

Customers may not even be aware that such options exist. Offering a personalized experience can enhance customer loyalty and boost satisfaction.

Faster Decision-Making

AI-powered mortgage technology will make you faster than ever before. It will let you simplify processes such as:

  • Data processing
  • Loan origination
  • Underwriting

Not only will these processes be faster — you’ll avoid the errors that creep in through manual data entry. And remember: AI relies only on borrower data. Therefore, it eliminates the possibility of unconscious bias, creating a fairer lending process.

Customers often compare rates from different lenders. Being able to offer fast decisions can lead your clients to select the lender that will help them reach their financial goals. The faster you can offer feedback, the more you’ll be able to compete against other lenders.

Support for Non-Traditional Borrowers

Not every borrower will qualify for a traditional loan. For some, it’s a matter of credit history. But others — such as freelancers and small business owners — may lack consistent income or documents like Form W2.

Lenders can still work with these clients. But you’ll need to assess these borrowers through non-traditional means. AI-powered mortgage technology can review data such as:

  • Bank records
  • Payment history
  • Form 1099
  • Education
  • Employment history

Some AI platforms even look at a borrower’s social media presence. The point is that you can use your mortgage technology to help borrowers of every type. 

And who knows? This may even allow you to carve out a competitive niche as a lender specializing in non-traditional lending options.

Content Creation

You’re probably aware that ChatGPT can create blog posts and other web content. But that’s only the start. This AI-powered writing tool has countless applications. Consider using ChatGPT for uses such as:

  • Keyword research for web content
  • Composition of promotional emails
  • Creation of social media captions and posts
  • Generation of scripts for marketing videos
  • Titles and topics suggestions for blog posts

All you do is dictate your thoughts to ChatGPT; the program helps you organize your ideas. After that, you can use the finished product as a blog post, email, or script.

ChatGPT can help lenders build a library of resources. Customers can tap into that knowledge base to learn more about lending. They might be more inclined to select you as their lender.

Audio Voiceovers

Need a narrator for your promotional video? AI can handle that, too.

Some of the most advanced marketing tools allow you to upload a script that an AI-powered program will then narrate. It will even add human-like voice inflection to convey emphasis and emotion.

You can use your voice, but you can also select from a handful of customizable options. Hiring a voice actor is unnecessary; let AI be your narrator.

Optimize Your Web Content

ChaptGPT can help you create new web content or optimize what you already have. For instance, search engine optimization (SEO) is the art of using “keywords” to improve your visibility. If a web user searches for a relevant keyword, you want your web page to appear in the top search engine results.

ChatGPT can assist with keyword research. It can also suggest SEO-friendly titles. This ensures that your web content always stays in the sweet spot of borrower searches. It also improves your chances of catching the attention of potential clients. 

Intelligent Lead Generation

Lenders receive leads from many sources. Some leaders even come from partners in the community. But not every piece of information you receive will be high-quality. Tools like ChatGPT can improve your screening process.

The program can analyze user data to identify leads with the highest probability of completing an application. Mortgage brokers can tailor their marketing efforts to reach these leads.

Used this way, your mortgage technology can help you focus on leads with the highest return on investment. This enables you to use your time more wisely — and can also be a way to scale your business.

Risk Management

It’s impossible to predict the future. But AI-powered mortgage technology can help you lower risk by:

  • Reviewing large amounts of customer data 
  • Verifying that applicants meet the lending requirements 
  • Identifying potential risks 

You can then take steps to deal with the risks on a case-by-case basis.

Additionally, your AI-powered platform can use machine learning for advanced fraud detection and prevent illegal activity from ever taking place. This protects you from scams and can also preserve the integrity of borrower data.

Regulatory Compliance

AI-powered tools can also ensure that you meet your regulatory compliance requirements. Your software will compare your business processes to establish regulations to provide documented evidence that you abide by policies such as:

  • The Fair Housing Act (FHA)
  • The Bank Secrecy Act (BSA)
  • Home Mortgage Disclosure Act (HMDA)
  • False Claims Act

And because AI relies on machine learning algorithms, you’ll adapt to new changes, so you’re always on top of regulatory concerns. AI can provide greater confidence that your lending practice is secure and help you avoid risks that cost you time and money.

Workflow Automation

Technology also has the potential to improve the experience of your office staff. You can use AI to automate core processes, such as payroll, billing, and more. 

And AI systems can help with document management. Lenders use their customer relationship management platform to store documents and completed forms, providing you with the data you need — right at your fingertips.

As a result, you’ll get more done with less, and your workers will notice the difference. Workflow automation reduces their administrative burden. Instead, employees can devote more time to revenue-generating activities that keep their practice going.

Advanced Analytics and Support

Lenders can use internal data to assess their effectiveness, and artificial intelligence gives lenders and office managers greater insight into their practice. For instance, ChatGPT can help you comb through vast amounts of data. Not only will this tool help you analyze past trends, but you’ll be able to identify repeating trends too.

Lenders can use this data to learn more about customer behavior or predict changes in the market. This can foster better decision-making or pinpoint areas for improvement.

The Future of AI and Mortgage Lending

The revolution has only just begun. It’s likely that, within a short time, AI will offer even more benefits, such as:

  • Using multiple data points for intelligent property valuations
  • Offering property tours in virtual or augmented reality
  • Integration with other software to predict changes in local markets

These features will only improve the benefits listed above. Lending will always be a human-centered enterprise, but AI can enhance these core processes to make the customer journey better.

The Future Starts Today

Technology can improve your lending practice in countless ways. The BNTouch platform is an advanced customer relationship management (CRM) system that can transform your business.

BNTouch features customer portals, prebuilt marketing content, collaborative tools, and more. These features will help you build a better borrower pipeline and take your business to the next level.

To learn more or schedule a demo, contact BNTouch today.

Request a free demo

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