AI and machine learning have quickly become popular in the mortgage industry, helping lenders create new products and services and improve operations. A new survey from Fannie Mae found that many lenders who have adopted AI are looking to use the technology to increase operational efficiency.

The survey polled the top six mortgage lenders in the country, representing more than 70th of the entire mortgage market. What they found is that an overwhelming majority of the lenders had deployed AI technology and were looking to use the technology for increased operational efficiency.

Major Findings of the Survey:
•Critical Mass: Over 70% of the surveyed lenders used AI technology.
•Operational Efficiency: 94% of lenders saw increased operational efficiency as one of the benefits of AI technology.
•Data and Automation: 93% of lenders saw improved data accuracy and automation as a result of AI technology.
•Customer Experience: 81% of lenders found AI increased customer satisfaction.
•Time Savings: 89% of lenders found AI increased turnaround times on loan applications.

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