MORTGAGE BROKERS
“ Market conditions have led to a growing recognition of the role technology plays in changing the industry ”
JUSTUS BROWN CEO , ACRE
in mind that financial advisors operate in a regulated world . It ’ s not as simple as telling the computer to make a recommendation and sending that to the client - there are checks and balances to make sure you are compliant at every step of the advice journey .
“ Like with so many areas where Gen AI is promising , a general-purpose LLM like ChatGPT is not trained with specific enough data to provide useful outputs – or at least would require heavy rewriting to be compliant .”
Indeed , while Gen AI can not be leveraged fully by mortgage brokers for the sake of compliance , in the future , Brown can “ envisage a future customtrained system which uses past cases to understand how to describe customer situations ”. However , “ we ’ re not there yet ”, he says .
Even though Gen AI cannot be leveraged to as full an extent in the mortgage sector as it is in other areas of the financial services industry , there are still technologies supporting brokers in their battle against economic volatility .
Advanced customer relationship management ( CRM ) tools are helping brokers maintain long-lasting relationships with their clients , streamlining processes and enhancing business operations by acting as a central hub for marketing , sales and other client-related activity .
Elsewhere , loan origination software is helping brokers streamline the entire loan origination lifecycle , reducing
124 May 2024