How AI can drive career growth for mortgage professionals


Artificial Intelligence Reshapes Mortgage Industry Dynamics

The mortgage industry is undergoing a profound transformation driven by the adoption of artificial intelligence (AI). While some employees express concerns about potential job displacement, executives are assuring them that AI will primarily automate routine tasks, allowing for more focus on other areas of their roles.

Generative AI has emerged as a valuable tool for lenders, aiding in tasks such as content creation, marketing material development, and email responses. However, there’s recognition that AI’s output requires human oversight and refinement, especially in critical areas like marketing copy.

Companies are cautious about deploying AI in customer-facing roles due to regulatory uncertainties, but some are exploring compliant AI chatbot solutions. Despite regulatory challenges, some lenders have begun experimenting with AI chatbots, while others are still evaluating their potential applications.

Katherine Campbell, founder of consulting firm Leopard Job, believes AI can enhance employee satisfaction by automating mundane tasks, allowing humans to focus on higher-value activities. She emphasizes that AI’s role is to complement human expertise, not replace it.

For example, Mr. Cooper has integrated AI into fulfillment and due diligence roles but takes a cautious approach in front-office functions. Underwriters at Mr. Cooper work alongside AI in a co-pilot mode, reviewing AI-generated decisions before proceeding.

Executives see AI as an opportunity to enhance productivity rather than replace jobs. For instance, Mr. Cooper has significantly increased its mortgage servicing portfolio while maintaining a similar headcount, leveraging technology to handle a larger volume of loans.

Despite uncertainties, AI is expected to continue its growth trajectory in the mortgage industry. Companies are increasingly leveraging AI for internal functions like staff education and customer interactions. Tools powered by generative and machine learning models are already in use at companies like Blend and Rocket Mortgage, streamlining workflows and providing assistance to loan officers.