Key facts
- Mortgage lenders must define specific business problems before adopting AI solutions.
- AI implementation requires human oversight, governance, and adherence to compliance regulations.
- Leaders are debating whether to buy or build AI tools, with custom solutions suited for unique needs and common needs better met by existing products.
- Responsible AI is defined as systems aligned with a company's mission, values, goals, and risk tolerances.
- Companies should start by solving small, time-saving problems with AI before scaling up.
Housing industry leaders are grappling with the decision of whether to buy or build artificial intelligence tools, with a consensus emerging that solving specific business problems and ensuring responsible implementation are paramount. At HousingWire's AI Summit, Tyler Morton, broker-owner of REMAX Victory + Affiliates and founder of AI operating system TroyOS, shared his journey of building AI solutions. His initial attempt to streamline agent communications failed because the tool was not user-friendly. He later redesigned it as a text-based system, emphasizing the importance of meeting users where they are.
Morton advocated for building custom AI for unique business needs while recommending purchasing solutions for common requirements that are likely already well-developed. He also highlighted the importance of scrutinizing vendors' data usage policies and product longevity, citing the discontinuation of Facebook Workplace as a cautionary tale.