Key facts
- Mortgage lenders should first identify the business problem they aim to solve before selecting AI tools.
- AI implementation requires continued human oversight and adherence to fair lending and compliance regulations.
- AI can automate repetitive tasks, allowing employees to focus on customer-facing roles and strategic initiatives.
- Small-scale testing of AI for non-critical functions is recommended before full deployment.
- Vendor transparency regarding governance, monitoring, and evaluation processes is crucial for AI adoption.
At the HousingWire AI Summit, experts Amanda Tucker and Michael Crockett advised mortgage lenders to prioritize defining specific business problems before adopting artificial intelligence solutions. They stressed that the growing availability of AI tools can make it challenging for lenders to discern where the technology can provide genuine value.
Tucker stated that the primary focus should be on the business problem rather than the AI solution itself, especially when AI interacts with consumers or is involved in decision-making processes. She highlighted the necessity for lenders to understand a technology's controls and ensure proper employee training.
Crockett emphasized that implementing AI does not negate the need for human oversight or regulatory compliance. Automated decisions remain subject to fair lending rules and other requirements, necessitating continuous monitoring of systems as data and models evolve. He cautioned against the expectation that compliance needs diminish with AI adoption.