With the recent release of ChatGPT and similar applications, artificial intelligence (AI) has hit the mainstream and there’s no turning back. As more consumers rely on AI to help them navigate the home-buying journey, lenders and LOs would be wise to get familiar with what AI can and can’t do and adjust their selling models accordingly.
Here are 3 key insights to consider:
• Mike Seminari, Director of Customer Experience, Stratmor Group, noted: “What makes the AI revolution different is that customer adoption, not lender adoption, is driving the change.”
• While AI promises to automate many tasks during the home loan process, it currently lacks the ability to build authentic relationships, create rapport, show empathy and offer emotional support – all things the best LOs have mastered as trusted advisors for their customers.
• “Successful originators of the future will harness the efficiencies of technology but focus their personal growth on the softer skills that AI cannot replicate,” Seminari observed.
For additional details on AI’s potential impact on mortgage origination, read Mike Seminari’s excellent article, Mortgage Originators’ Guide to Success in the Age of AI.