Generative AI offers mortgage providers the promise of cutting costs, improving customer experience, and helping to generate better and more accurate insights into financial data. Generative AI is already in use in many industries to offer faster and better decision making capabilities.
However, the mortgage industry has lagged behind when it comes to embracing this technology, mainly due to the stringent rules and regulations in place. This has hindered the growth of generative AI in the industry, as companies have been hesitant to invest in it due to the lack of legal certainty. Despite this, as regulators gain more experience with generative AI, the industry is starting to look for ways to make the most of its potential.
Key Points:
• Generative AI offers mortgage providers the potential to cut costs and improve customer experience
• Generative AI is used by many industries to offer faster and better decision making capabilities
• The mortgage industry has lagged due to rules and regulations in place
• Regulators are gaining more experience with generative AI
• Companies are looking to make most of generative AI potential
You can read this full article at: https://www.housingwire.com/articles/regulation-hasnt-caught-up-to-generative-ai/(subscription required)
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