The US federal housing agencies – The US Department of Housing and Urban Development (HUD), Fannie Mae and Freddie Mac – are utilizing emerging technologies to improve the housing system and reduce operational costs of the housing industry.
Emerging technologies such as artificial intelligence, blockchain and machine learning are allowing the federal housing agencies to boost operational efficiency and deliver a better housing experience. For example, AI and machine learning are being used to automate the mortgage lending process, reduce manual paperwork and enable an improved borrower experience. The usage of blockchain technology is revolutionizing the way homeowners, lenders and landlords transact. The distributed ledger can be utilized to track real estate transactions in an immutable, secure and auditable way with reduced risk of fraud. Similarly, machine learning can be used to enhance property valuation accuracy, process documents and reduce mortgage application turnaround times.
Apart from improving the housing system, the agencies are leveraging existing digital technologies such as automated appraisals, virtual tours and cloud-based data storage platform. Leveraging digital technology can bring about increased transparency, improved access to data for analysis, accuracy of data and reduced human error. Furthermore, automated appraisals have made it easier to estimate property values and reduce the time needed to close a loan process. Additionally, virtual tours are becoming increasingly popular with homeowners and lenders alike, enabling them to experience real estate properties in real-time without having to be physically present.
Overall, the US federal housing agencies are utilizing emerging technologies to power the housing system and enhance the homeowner experience. By leveraging AI, blockchain and machine learning, the agencies are looking to revolutionize the US housing industry and unleash new capabilities in the digitization of the mortgage and real estate industry. Furthermore, the use of existing digital technologies such as automated appraisals, virtual tours and cloud-based data storage platform can help reduce costs, increase transparency and accuracy, and enhance profitability for businesses.
You can read this full article at: https://www.housingwire.com/articles/how-federal-housing-agencies-are-utilizing-emerging-technologies/(subscription required)
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