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The role of artificial intelligence (AI) in the mortgage industry is on the rise. As loan officers seek ways to become more efficient while preserving customer service quality, growing attention is being paid to AI’s potential to streamline the complicated loan approval process, and its ability to reduce inaccuracies and discrepancies. According to Blend co-founder and CEO Nima Ghamsari, AI has the potential to bring a heightened level of efficiency to the loan approval process.
Bullet Points to back up the summary:
– AI is increasingly being used in the mortgage industry
– Loan officers are leveraging AI to become more efficient
– AI has the potential to streamline the complicated loan approval process
– AI can reduce inaccuracies and discrepancies
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Ghamsari has stated that due to the explosive growth of large data sets, AI can provide intelligence and insights, such as credit scores, income verification, and fraud analytics. All of these components can be used to accurately create loan decisioning models and through this create efficiency routing ineligible loans to staff for analysis before going to closing. AI can go beyond loan origination tasks as it can assess customer service quality, evaluate customer responses, and even alert loan officers and other staff when particular customer risks are present.
Bullet Points to back up the summary:
– AI can provide intelligence and insights such as credit scores, income verification, and fraud analysis
– AI can accurately create loan decisioning models to create efficiency
– AI can assess customer service quality, evaluate customer responses and alert loan officers when certain risks are present
You can read this full article at: https://www.housingwire.com/articles/ai-will-be-a-supercharger-for-loan-officers-blend-ceo/(subscription required)
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